Tennessee Lottery

TNLottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 12, 2026 is estimated to be $232 Million, with a cash option of 103.8 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 May 12, 2026

Draw Date	Jackpot	Cash Option
Tue May 12, 2026	$232,000,000	$103,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$103,800,000
Federal Tax(24%)	$24,912,000
Additional Federal Tax	$13,454,330
State Tax(0%)	$0
Net Lumpsum Payment	$65,433,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,491,832	-$1,252,308 -$0	$2,239,524
2	$3,666,528	-$1,316,946 -$0	$2,349,582
3	$3,849,808	-$1,384,759 -$0	$2,465,049
4	$4,042,368	-$1,456,007 -$0	$2,586,361
5	$4,244,440	-$1,530,773 -$0	$2,713,667
6	$4,456,720	-$1,609,317 -$0	$2,847,403
7	$4,679,440	-$1,691,723 -$0	$2,987,717
8	$4,913,528	-$1,778,336 -$0	$3,135,192
9	$5,159,216	-$1,869,240 -$0	$3,289,976
10	$5,417,200	-$1,964,694 -$0	$3,452,506
11	$5,687,944	-$2,064,870 -$0	$3,623,074
12	$5,972,376	-$2,170,110 -$0	$3,802,266
13	$6,270,960	-$2,280,586 -$0	$3,990,374
14	$6,584,624	-$2,396,641 -$0	$4,187,983
15	$6,913,832	-$2,518,448 -$0	$4,395,384
16	$7,259,512	-$2,646,350 -$0	$4,613,162
17	$7,622,360	-$2,780,604 -$0	$4,841,756
18	$8,003,536	-$2,921,639 -$0	$5,081,897
19	$8,403,736	-$3,069,713 -$0	$5,334,023
20	$8,823,888	-$3,225,169 -$0	$5,598,719
21	$9,265,152	-$3,388,437 -$0	$5,876,715
22	$9,728,456	-$3,559,859 -$0	$6,168,597
23	$10,214,728	-$3,739,780 -$0	$6,474,948
24	$10,725,592	-$3,928,799 -$0	$6,796,793
25	$11,261,744	-$4,127,176 -$0	$7,134,568
26	$11,825,040	-$4,335,595 -$0	$7,489,445
27	$12,416,176	-$4,554,316 -$0	$7,861,860
28	$13,037,008	-$4,784,023 -$0	$8,252,985
29	$13,688,928	-$5,025,234 -$0	$8,663,694
30	$14,373,328	-$5,278,462 -$0	$9,094,866