The jackpot for the MEGA Millions draw on Fri Oct 23, 2026, is projected to be $433 Million, with an option for a cash payout of $178.6 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 23, 2026 |
|---|
| Draw Date | Fri Oct 23, 2026 | | Projected Jackpot | $433,000,000 | | Cash Value | $178,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $178,600,000 | | Federal Tax(24%) | $42,864,000 | | Additional Federal Tax | $23,178,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $112,557,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,517,083 |
$2,371,651
$0 |
$4,145,432 |
| 2 |
$6,843,132 |
$2,492,289
$0 |
$4,350,843 |
| 3 |
$7,185,202 |
$2,618,855
$0 |
$4,566,347 |
| 4 |
$7,544,592 |
$2,751,829
$0 |
$4,792,763 |
| 5 |
$7,921,735 |
$2,891,372
$0 |
$5,030,363 |
| 6 |
$8,317,930 |
$3,037,964
$0 |
$5,279,966 |
| 7 |
$8,733,610 |
$3,191,766
$0 |
$5,541,844 |
| 8 |
$9,170,507 |
$3,353,418
$0 |
$5,817,089 |
| 9 |
$9,629,054 |
$3,523,080
$0 |
$6,105,974 |
| 10 |
$10,110,550 |
$3,701,234
$0 |
$6,409,316 |
| 11 |
$10,615,861 |
$3,888,199
$0 |
$6,727,662 |
| 12 |
$11,146,719 |
$4,084,616
$0 |
$7,062,103 |
| 13 |
$11,703,990 |
$4,290,807
$0 |
$7,413,183 |
| 14 |
$12,289,406 |
$4,507,411
$0 |
$7,781,995 |
| 15 |
$12,903,833 |
$4,734,749
$0 |
$8,169,084 |
| 16 |
$13,549,003 |
$4,973,461
$0 |
$8,575,542 |
| 17 |
$14,226,215 |
$5,224,030
$0 |
$9,002,185 |
| 18 |
$14,937,634 |
$5,487,255
$0 |
$9,450,379 |
| 19 |
$15,684,559 |
$5,763,617
$0 |
$9,920,942 |
| 20 |
$16,468,722 |
$6,053,758
$0 |
$10,414,964 |
| 21 |
$17,292,288 |
$6,358,477
$0 |
$10,933,811 |
| 22 |
$18,156,989 |
$6,678,416
$0 |
$11,478,573 |
| 23 |
$19,064,557 |
$7,014,216
$0 |
$12,050,341 |
| 24 |
$20,018,023 |
$7,366,999
$0 |
$12,651,024 |
| 25 |
$21,018,686 |
$7,737,244
$0 |
$13,281,442 |
| 26 |
$22,070,010 |
$8,126,234
$0 |
$13,943,776 |
| 27 |
$23,173,294 |
$8,534,449
$0 |
$14,638,845 |
| 28 |
$24,332,002 |
$8,963,171
$0 |
$15,368,831 |
| 29 |
$25,548,732 |
$9,413,361
$0 |
$16,135,371 |
| 30 |
$26,826,082 |
$9,885,981
$0 |
$16,940,101 |
|
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