The jackpot for the MEGA Millions draw on Fri Oct 18, 2024, is projected to be $185 Million, with an option for a cash payout of $88.4 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 Oct 18, 2024 |
|---|
| Draw Date | Fri Oct 18, 2024 | | Projected Jackpot | $185,000,000 | | Cash Value | $88,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $88,400,000 | | Federal Tax(24%) | $21,216,000 | | Additional Federal Tax | $11,452,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $55,731,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,784,435 |
$990,571
$0 |
$1,793,864 |
| 2 |
$2,923,740 |
$1,042,114
$0 |
$1,881,626 |
| 3 |
$3,069,890 |
$1,096,190
$0 |
$1,973,700 |
| 4 |
$3,223,440 |
$1,153,003
$0 |
$2,070,437 |
| 5 |
$3,384,575 |
$1,212,623
$0 |
$2,171,952 |
| 6 |
$3,553,850 |
$1,275,255
$0 |
$2,278,595 |
| 7 |
$3,731,450 |
$1,340,967
$0 |
$2,390,483 |
| 8 |
$3,918,115 |
$1,410,033
$0 |
$2,508,082 |
| 9 |
$4,114,030 |
$1,482,521
$0 |
$2,631,509 |
| 10 |
$4,319,750 |
$1,558,638
$0 |
$2,761,112 |
| 11 |
$4,535,645 |
$1,638,519
$0 |
$2,897,126 |
| 12 |
$4,762,455 |
$1,722,439
$0 |
$3,040,016 |
| 13 |
$5,000,550 |
$1,810,534
$0 |
$3,190,016 |
| 14 |
$5,250,670 |
$1,903,078
$0 |
$3,347,592 |
| 15 |
$5,513,185 |
$2,000,209
$0 |
$3,512,976 |
| 16 |
$5,788,835 |
$2,102,199
$0 |
$3,686,636 |
| 17 |
$6,078,175 |
$2,209,255
$0 |
$3,868,920 |
| 18 |
$6,382,130 |
$2,321,718
$0 |
$4,060,412 |
| 19 |
$6,701,255 |
$2,439,795
$0 |
$4,261,460 |
| 20 |
$7,036,290 |
$2,563,758
$0 |
$4,472,532 |
| 21 |
$7,388,160 |
$2,693,950
$0 |
$4,694,210 |
| 22 |
$7,757,605 |
$2,830,644
$0 |
$4,926,961 |
| 23 |
$8,145,365 |
$2,974,115
$0 |
$5,171,250 |
| 24 |
$8,552,735 |
$3,124,842
$0 |
$5,427,893 |
| 25 |
$8,980,270 |
$3,283,030
$0 |
$5,697,240 |
| 26 |
$9,429,450 |
$3,449,227
$0 |
$5,980,223 |
| 27 |
$9,900,830 |
$3,623,637
$0 |
$6,277,193 |
| 28 |
$10,395,890 |
$3,806,810
$0 |
$6,589,080 |
| 29 |
$10,915,740 |
$3,999,154
$0 |
$6,916,586 |
| 30 |
$11,461,490 |
$4,201,082
$0 |
$7,260,408 |
|
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