The jackpot for the MEGA Millions draw on Fri Dec 13, 2024, is projected to be $670 Million, with an option for a cash payout of $317.8 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 Dec 13, 2024 |
|---|
| Draw Date | Fri Dec 13, 2024 | | Projected Jackpot | $670,000,000 | | Cash Value | $317,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $317,800,000 | | Federal Tax(24%) | $76,272,000 | | Additional Federal Tax | $41,274,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $200,253,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,084,170 |
$3,691,473
$0 |
$6,392,697 |
| 2 |
$10,588,680 |
$3,878,142
$0 |
$6,710,538 |
| 3 |
$11,117,980 |
$4,073,983
$0 |
$7,043,997 |
| 4 |
$11,674,080 |
$4,279,740
$0 |
$7,394,340 |
| 5 |
$12,257,650 |
$4,495,661
$0 |
$7,761,989 |
| 6 |
$12,870,700 |
$4,722,489
$0 |
$8,148,211 |
| 7 |
$13,513,900 |
$4,960,473
$0 |
$8,553,427 |
| 8 |
$14,189,930 |
$5,210,604
$0 |
$8,979,326 |
| 9 |
$14,899,460 |
$5,473,131
$0 |
$9,426,329 |
| 10 |
$15,644,500 |
$5,748,795
$0 |
$9,895,705 |
| 11 |
$16,426,390 |
$6,038,095
$0 |
$10,388,295 |
| 12 |
$17,247,810 |
$6,342,020
$0 |
$10,905,790 |
| 13 |
$18,110,100 |
$6,661,067
$0 |
$11,449,033 |
| 14 |
$19,015,940 |
$6,996,228
$0 |
$12,019,712 |
| 15 |
$19,966,670 |
$7,347,998
$0 |
$12,618,672 |
| 16 |
$20,964,970 |
$7,717,369
$0 |
$13,247,601 |
| 17 |
$22,012,850 |
$8,105,085
$0 |
$13,907,765 |
| 18 |
$23,113,660 |
$8,512,385
$0 |
$14,601,275 |
| 19 |
$24,269,410 |
$8,940,012
$0 |
$15,329,398 |
| 20 |
$25,482,780 |
$9,388,959
$0 |
$16,093,821 |
| 21 |
$26,757,120 |
$9,860,465
$0 |
$16,896,655 |
| 22 |
$28,095,110 |
$10,355,521
$0 |
$17,739,589 |
| 23 |
$29,499,430 |
$10,875,119
$0 |
$18,624,311 |
| 24 |
$30,974,770 |
$11,420,995
$0 |
$19,553,775 |
| 25 |
$32,523,140 |
$11,993,892
$0 |
$20,529,248 |
| 26 |
$34,149,900 |
$12,595,793
$0 |
$21,554,107 |
| 27 |
$35,857,060 |
$13,227,443
$0 |
$22,629,617 |
| 28 |
$37,649,980 |
$13,890,823
$0 |
$23,759,157 |
| 29 |
$39,532,680 |
$14,587,422
$0 |
$24,945,258 |
| 30 |
$41,509,180 |
$15,318,727
$0 |
$26,190,453 |
|
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