The jackpot for the MEGA Millions draw on Tue Oct 1, 2024, is projected to be $93 Million, with an option for a cash payout of $46 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 Oct 1, 2024 |
|---|
| Draw Date | Tue Oct 1, 2024 | | Projected Jackpot | $93,000,000 | | Cash Value | $46,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $46,000,000 | | Federal Tax(24%) | $11,040,000 | | Additional Federal Tax | $5,940,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $29,019,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$0 |
$921,508 |
| 2 |
$1,469,772 |
$504,146
$0 |
$965,626 |
| 3 |
$1,543,242 |
$531,330
$0 |
$1,011,912 |
| 4 |
$1,620,432 |
$559,890
$0 |
$1,060,542 |
| 5 |
$1,701,435 |
$589,861
$0 |
$1,111,574 |
| 6 |
$1,786,530 |
$621,346
$0 |
$1,165,184 |
| 7 |
$1,875,810 |
$654,380
$0 |
$1,221,430 |
| 8 |
$1,969,647 |
$689,100
$0 |
$1,280,547 |
| 9 |
$2,068,134 |
$725,540
$0 |
$1,342,594 |
| 10 |
$2,171,550 |
$763,804
$0 |
$1,407,746 |
| 11 |
$2,280,081 |
$803,960
$0 |
$1,476,121 |
| 12 |
$2,394,099 |
$846,147
$0 |
$1,547,952 |
| 13 |
$2,513,790 |
$890,433
$0 |
$1,623,357 |
| 14 |
$2,639,526 |
$936,955
$0 |
$1,702,571 |
| 15 |
$2,771,493 |
$985,783
$0 |
$1,785,710 |
| 16 |
$2,910,063 |
$1,037,054
$0 |
$1,873,009 |
| 17 |
$3,055,515 |
$1,090,871
$0 |
$1,964,644 |
| 18 |
$3,208,314 |
$1,147,407
$0 |
$2,060,907 |
| 19 |
$3,368,739 |
$1,206,764
$0 |
$2,161,975 |
| 20 |
$3,537,162 |
$1,269,080
$0 |
$2,268,082 |
| 21 |
$3,714,048 |
$1,334,528
$0 |
$2,379,520 |
| 22 |
$3,899,769 |
$1,403,245
$0 |
$2,496,524 |
| 23 |
$4,094,697 |
$1,475,368
$0 |
$2,619,329 |
| 24 |
$4,299,483 |
$1,551,139
$0 |
$2,748,344 |
| 25 |
$4,514,406 |
$1,630,661
$0 |
$2,883,745 |
| 26 |
$4,740,210 |
$1,714,208
$0 |
$3,026,002 |
| 27 |
$4,977,174 |
$1,801,885
$0 |
$3,175,289 |
| 28 |
$5,226,042 |
$1,893,966
$0 |
$3,332,076 |
| 29 |
$5,487,372 |
$1,990,658
$0 |
$3,496,714 |
| 30 |
$5,761,722 |
$2,092,168
$0 |
$3,669,554 |
|
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