The jackpot for the MEGA Millions draw on Fri Apr 4, 2025, is projected to be $43 Million, with an option for a cash payout of $20 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 Apr 4, 2025 |
|---|
| Draw Date | Fri Apr 4, 2025 | | Projected Jackpot | $43,000,000 | | Cash Value | $20,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,000,000 | | Federal Tax(24%) | $4,800,000 | | Additional Federal Tax | $2,560,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $12,639,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$647,193 |
$199,792
$0 |
$447,401 |
| 2 |
$679,572 |
$211,772
$0 |
$467,800 |
| 3 |
$713,542 |
$224,341
$0 |
$489,201 |
| 4 |
$749,232 |
$237,546
$0 |
$511,686 |
| 5 |
$786,685 |
$251,404
$0 |
$535,281 |
| 6 |
$826,030 |
$265,961
$0 |
$560,069 |
| 7 |
$867,310 |
$281,235
$0 |
$586,075 |
| 8 |
$910,697 |
$297,288
$0 |
$613,409 |
| 9 |
$956,234 |
$314,137
$0 |
$642,097 |
| 10 |
$1,004,050 |
$331,829
$0 |
$672,221 |
| 11 |
$1,054,231 |
$350,396
$0 |
$703,835 |
| 12 |
$1,106,949 |
$369,902
$0 |
$737,047 |
| 13 |
$1,162,290 |
$390,378
$0 |
$771,912 |
| 14 |
$1,220,426 |
$411,888
$0 |
$808,538 |
| 15 |
$1,281,443 |
$434,464
$0 |
$846,979 |
| 16 |
$1,345,513 |
$458,170
$0 |
$887,343 |
| 17 |
$1,412,765 |
$483,053
$0 |
$929,712 |
| 18 |
$1,483,414 |
$509,194
$0 |
$974,220 |
| 19 |
$1,557,589 |
$536,638
$0 |
$1,020,951 |
| 20 |
$1,635,462 |
$565,451
$0 |
$1,070,011 |
| 21 |
$1,717,248 |
$595,712
$0 |
$1,121,536 |
| 22 |
$1,803,119 |
$627,484
$0 |
$1,175,635 |
| 23 |
$1,893,247 |
$660,832
$0 |
$1,232,415 |
| 24 |
$1,987,933 |
$695,866
$0 |
$1,292,067 |
| 25 |
$2,087,306 |
$732,634
$0 |
$1,354,672 |
| 26 |
$2,191,710 |
$771,263
$0 |
$1,420,447 |
| 27 |
$2,301,274 |
$811,802
$0 |
$1,489,472 |
| 28 |
$2,416,342 |
$854,377
$0 |
$1,561,965 |
| 29 |
$2,537,172 |
$899,084
$0 |
$1,638,088 |
| 30 |
$2,664,022 |
$946,019
$0 |
$1,718,003 |
|
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