Tennessee Lottery

TNLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jul 1, 2025 is estimated to be $50 Million, with a cash option of 22.4 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. The good news is that if you're a resident of Tennessee, you won't owe any state tax on your lottery winnings.

Please note that the calculation of the MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Tennessee MEGA Millions Jackpot/Cash Option for Tue Jul 1, 2025

Draw Date	Jackpot	Cash Option
Tue Jul 1, 2025	$50,000,000	$22,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$22,400,000
Federal Tax(24%)	$5,376,000
Additional Federal Tax	$2,872,330
State Tax(0%)	$0
Net Lumpsum Payment	$14,151,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$752,550	-$238,774 -$0	$513,776
2	$790,200	-$252,704 -$0	$537,496
3	$829,700	-$267,319 -$0	$562,381
4	$871,200	-$282,674 -$0	$588,526
5	$914,750	-$298,788 -$0	$615,962
6	$960,500	-$315,715 -$0	$644,785
7	$1,008,500	-$333,475 -$0	$675,025
8	$1,058,950	-$352,142 -$0	$706,808
9	$1,111,900	-$371,733 -$0	$740,167
10	$1,167,500	-$392,305 -$0	$775,195
11	$1,225,850	-$413,895 -$0	$811,955
12	$1,287,150	-$436,576 -$0	$850,574
13	$1,351,500	-$460,385 -$0	$891,115
14	$1,419,100	-$485,397 -$0	$933,703
15	$1,490,050	-$511,649 -$0	$978,401
16	$1,564,550	-$539,214 -$0	$1,025,336
17	$1,642,750	-$568,148 -$0	$1,074,602
18	$1,724,900	-$598,543 -$0	$1,126,357
19	$1,811,150	-$630,456 -$0	$1,180,694
20	$1,901,700	-$663,959 -$0	$1,237,741
21	$1,996,800	-$699,146 -$0	$1,297,654
22	$2,096,650	-$736,091 -$0	$1,360,559
23	$2,201,450	-$774,867 -$0	$1,426,583
24	$2,311,550	-$815,604 -$0	$1,495,946
25	$2,427,100	-$858,357 -$0	$1,568,743
26	$2,548,500	-$903,275 -$0	$1,645,225
27	$2,675,900	-$950,413 -$0	$1,725,487
28	$2,809,700	-$999,919 -$0	$1,809,781
29	$2,950,200	-$1,051,904 -$0	$1,898,296
30	$3,097,700	-$1,106,479 -$0	$1,991,221