The jackpot for the MEGA Millions draw on Fri Jul 3, 2026, is projected to be $542 Million, with an option for a cash payout of $242 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For those living in Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee MEGA Millions Jackpot/Cash Option for Fri Jul 3, 2026 |
|---|
| Draw Date | Fri Jul 3, 2026 | | Projected Jackpot | $542,000,000 | | Cash Value | $242,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $242,000,000 | | Federal Tax(24%) | $58,080,000 | | Additional Federal Tax | $31,420,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $152,499,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,157,642 |
$2,978,658
$0 |
$5,178,984 |
| 2 |
$8,565,768 |
$3,129,665
$0 |
$5,436,103 |
| 3 |
$8,993,948 |
$3,288,091
$0 |
$5,705,857 |
| 4 |
$9,443,808 |
$3,454,539
$0 |
$5,989,269 |
| 5 |
$9,915,890 |
$3,629,210
$0 |
$6,286,680 |
| 6 |
$10,411,820 |
$3,812,704
$0 |
$6,599,116 |
| 7 |
$10,932,140 |
$4,005,222
$0 |
$6,926,918 |
| 8 |
$11,479,018 |
$4,207,567
$0 |
$7,271,451 |
| 9 |
$12,052,996 |
$4,419,939
$0 |
$7,633,057 |
| 10 |
$12,655,700 |
$4,642,939
$0 |
$8,012,761 |
| 11 |
$13,288,214 |
$4,876,970
$0 |
$8,411,244 |
| 12 |
$13,952,706 |
$5,122,832
$0 |
$8,829,874 |
| 13 |
$14,650,260 |
$5,380,927
$0 |
$9,269,333 |
| 14 |
$15,383,044 |
$5,652,057
$0 |
$9,730,987 |
| 15 |
$16,152,142 |
$5,936,623
$0 |
$10,215,519 |
| 16 |
$16,959,722 |
$6,235,428
$0 |
$10,724,294 |
| 17 |
$17,807,410 |
$6,549,072
$0 |
$11,258,338 |
| 18 |
$18,697,916 |
$6,878,559
$0 |
$11,819,357 |
| 19 |
$19,632,866 |
$7,224,491
$0 |
$12,408,375 |
| 20 |
$20,614,428 |
$7,587,669
$0 |
$13,026,759 |
| 21 |
$21,645,312 |
$7,969,096
$0 |
$13,676,216 |
| 22 |
$22,727,686 |
$8,369,574
$0 |
$14,358,112 |
| 23 |
$23,863,718 |
$8,789,906
$0 |
$15,073,812 |
| 24 |
$25,057,202 |
$9,231,495
$0 |
$15,825,707 |
| 25 |
$26,309,764 |
$9,694,943
$0 |
$16,614,821 |
| 26 |
$27,625,740 |
$10,181,854
$0 |
$17,443,886 |
| 27 |
$29,006,756 |
$10,692,830
$0 |
$18,313,926 |
| 28 |
$30,457,148 |
$11,229,475
$0 |
$19,227,673 |
| 29 |
$31,980,168 |
$11,792,993
$0 |
$20,187,175 |
| 30 |
$33,579,068 |
$12,384,586
$0 |
$21,194,482 |
|
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