The jackpot for the MEGA Millions draw on Fri May 15, 2026, is projected to be $251 Million, with an option for a cash payout of $112.3 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 May 15, 2026 |
|---|
| Draw Date | Fri May 15, 2026 | | Projected Jackpot | $251,000,000 | | Cash Value | $112,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $112,300,000 | | Federal Tax(24%) | $26,952,000 | | Additional Federal Tax | $14,559,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $70,788,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,777,801 |
$1,358,117
$0 |
$2,419,684 |
| 2 |
$3,966,804 |
$1,428,048
$0 |
$2,538,756 |
| 3 |
$4,165,094 |
$1,501,415
$0 |
$2,663,679 |
| 4 |
$4,373,424 |
$1,578,497
$0 |
$2,794,927 |
| 5 |
$4,592,045 |
$1,659,387
$0 |
$2,932,658 |
| 6 |
$4,821,710 |
$1,744,363
$0 |
$3,077,347 |
| 7 |
$5,062,670 |
$1,833,518
$0 |
$3,229,152 |
| 8 |
$5,315,929 |
$1,927,224
$0 |
$3,388,705 |
| 9 |
$5,581,738 |
$2,025,573
$0 |
$3,556,165 |
| 10 |
$5,860,850 |
$2,128,845
$0 |
$3,732,005 |
| 11 |
$6,153,767 |
$2,237,224
$0 |
$3,916,543 |
| 12 |
$6,461,493 |
$2,351,083
$0 |
$4,110,410 |
| 13 |
$6,784,530 |
$2,470,606
$0 |
$4,313,924 |
| 14 |
$7,123,882 |
$2,596,167
$0 |
$4,527,715 |
| 15 |
$7,480,051 |
$2,727,949
$0 |
$4,752,102 |
| 16 |
$7,854,041 |
$2,866,326
$0 |
$4,987,715 |
| 17 |
$8,246,605 |
$3,011,574
$0 |
$5,235,031 |
| 18 |
$8,658,998 |
$3,164,160
$0 |
$5,494,838 |
| 19 |
$9,091,973 |
$3,324,360
$0 |
$5,767,613 |
| 20 |
$9,546,534 |
$3,492,548
$0 |
$6,053,986 |
| 21 |
$10,023,936 |
$3,669,187
$0 |
$6,354,749 |
| 22 |
$10,525,183 |
$3,854,648
$0 |
$6,670,535 |
| 23 |
$11,051,279 |
$4,049,304
$0 |
$7,001,975 |
| 24 |
$11,603,981 |
$4,253,803
$0 |
$7,350,178 |
| 25 |
$12,184,042 |
$4,468,426
$0 |
$7,715,616 |
| 26 |
$12,793,470 |
$4,693,914
$0 |
$8,099,556 |
| 27 |
$13,433,018 |
$4,930,547
$0 |
$8,502,471 |
| 28 |
$14,104,694 |
$5,179,067
$0 |
$8,925,627 |
| 29 |
$14,810,004 |
$5,440,032
$0 |
$9,369,972 |
| 30 |
$15,550,454 |
$5,713,998
$0 |
$9,836,456 |
|
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