The jackpot for the MEGA Millions draw on Tue Apr 29, 2025, is projected to be $70 Million, with an option for a cash payout of $31.8 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 Tue Apr 29, 2025 |
|---|
| Draw Date | Tue Apr 29, 2025 | | Projected Jackpot | $70,000,000 | | Cash Value | $31,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $31,800,000 | | Federal Tax(24%) | $7,632,000 | | Additional Federal Tax | $4,094,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $20,073,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,053,570 |
$350,151
$0 |
$703,419 |
| 2 |
$1,106,280 |
$369,654
$0 |
$736,626 |
| 3 |
$1,161,580 |
$390,115
$0 |
$771,465 |
| 4 |
$1,219,680 |
$411,612
$0 |
$808,068 |
| 5 |
$1,280,650 |
$434,171
$0 |
$846,479 |
| 6 |
$1,344,700 |
$457,869
$0 |
$886,831 |
| 7 |
$1,411,900 |
$482,733
$0 |
$929,167 |
| 8 |
$1,482,530 |
$508,866
$0 |
$973,664 |
| 9 |
$1,556,660 |
$536,295
$0 |
$1,020,365 |
| 10 |
$1,634,500 |
$565,095
$0 |
$1,069,405 |
| 11 |
$1,716,190 |
$595,321
$0 |
$1,120,869 |
| 12 |
$1,802,010 |
$627,074
$0 |
$1,174,936 |
| 13 |
$1,892,100 |
$660,407
$0 |
$1,231,693 |
| 14 |
$1,986,740 |
$695,424
$0 |
$1,291,316 |
| 15 |
$2,086,070 |
$732,176
$0 |
$1,353,894 |
| 16 |
$2,190,370 |
$770,767
$0 |
$1,419,603 |
| 17 |
$2,299,850 |
$811,275
$0 |
$1,488,575 |
| 18 |
$2,414,860 |
$853,829
$0 |
$1,561,031 |
| 19 |
$2,535,610 |
$898,506
$0 |
$1,637,104 |
| 20 |
$2,662,380 |
$945,411
$0 |
$1,716,969 |
| 21 |
$2,795,520 |
$994,673
$0 |
$1,800,847 |
| 22 |
$2,935,310 |
$1,046,395
$0 |
$1,888,915 |
| 23 |
$3,082,030 |
$1,100,681
$0 |
$1,981,349 |
| 24 |
$3,236,170 |
$1,157,713
$0 |
$2,078,457 |
| 25 |
$3,397,940 |
$1,217,568
$0 |
$2,180,372 |
| 26 |
$3,567,900 |
$1,280,453
$0 |
$2,287,447 |
| 27 |
$3,746,260 |
$1,346,447
$0 |
$2,399,813 |
| 28 |
$3,933,580 |
$1,415,755
$0 |
$2,517,825 |
| 29 |
$4,130,280 |
$1,488,534
$0 |
$2,641,746 |
| 30 |
$4,336,780 |
$1,564,939
$0 |
$2,771,841 |
|
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