The jackpot for the MEGA Millions draw on Fri Jan 3, 2025, is projected to be $42 Million, with an option for a cash payout of $18.8 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 Jan 3, 2025 |
|---|
| Draw Date | Fri Jan 3, 2025 | | Projected Jackpot | $42,000,000 | | Cash Value | $18,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $18,800,000 | | Federal Tax(24%) | $4,512,000 | | Additional Federal Tax | $2,404,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $11,883,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$632,142 |
$194,223
$0 |
$437,919 |
| 2 |
$663,768 |
$205,925
$0 |
$457,843 |
| 3 |
$696,948 |
$218,201
$0 |
$478,747 |
| 4 |
$731,808 |
$231,099
$0 |
$500,709 |
| 5 |
$768,390 |
$244,635
$0 |
$523,755 |
| 6 |
$806,820 |
$258,854
$0 |
$547,966 |
| 7 |
$847,140 |
$273,772
$0 |
$573,368 |
| 8 |
$889,518 |
$289,452
$0 |
$600,066 |
| 9 |
$933,996 |
$305,909
$0 |
$628,087 |
| 10 |
$980,700 |
$323,189
$0 |
$657,511 |
| 11 |
$1,029,714 |
$341,325
$0 |
$688,389 |
| 12 |
$1,081,206 |
$360,377
$0 |
$720,829 |
| 13 |
$1,135,260 |
$380,377
$0 |
$754,883 |
| 14 |
$1,192,044 |
$401,387
$0 |
$790,657 |
| 15 |
$1,251,642 |
$423,438
$0 |
$828,204 |
| 16 |
$1,314,222 |
$446,593
$0 |
$867,629 |
| 17 |
$1,379,910 |
$470,897
$0 |
$909,013 |
| 18 |
$1,448,916 |
$496,429
$0 |
$952,487 |
| 19 |
$1,521,366 |
$523,236
$0 |
$998,130 |
| 20 |
$1,597,428 |
$551,379
$0 |
$1,046,049 |
| 21 |
$1,677,312 |
$580,936
$0 |
$1,096,376 |
| 22 |
$1,761,186 |
$611,969
$0 |
$1,149,217 |
| 23 |
$1,849,218 |
$644,541
$0 |
$1,204,677 |
| 24 |
$1,941,702 |
$678,760
$0 |
$1,262,942 |
| 25 |
$2,038,764 |
$714,673
$0 |
$1,324,091 |
| 26 |
$2,140,740 |
$752,404
$0 |
$1,388,336 |
| 27 |
$2,247,756 |
$792,000
$0 |
$1,455,756 |
| 28 |
$2,360,148 |
$833,585
$0 |
$1,526,563 |
| 29 |
$2,478,168 |
$877,253
$0 |
$1,600,915 |
| 30 |
$2,602,068 |
$923,096
$0 |
$1,678,972 |
|
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