The jackpot for the MEGA Millions draw on Fri May 2, 2025, is projected to be $80 Million, with an option for a cash payout of $36.4 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 May 2, 2025 |
|---|
| Draw Date | Fri May 2, 2025 | | Projected Jackpot | $80,000,000 | | Cash Value | $36,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,400,000 | | Federal Tax(24%) | $8,736,000 | | Additional Federal Tax | $4,692,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $22,971,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,204,080 |
$405,840
$0 |
$798,240 |
| 2 |
$1,264,320 |
$428,129
$0 |
$836,191 |
| 3 |
$1,327,520 |
$451,513
$0 |
$876,007 |
| 4 |
$1,393,920 |
$476,081
$0 |
$917,839 |
| 5 |
$1,463,600 |
$501,862
$0 |
$961,738 |
| 6 |
$1,536,800 |
$528,946
$0 |
$1,007,854 |
| 7 |
$1,613,600 |
$557,362
$0 |
$1,056,238 |
| 8 |
$1,694,320 |
$587,229
$0 |
$1,107,091 |
| 9 |
$1,779,040 |
$618,575
$0 |
$1,160,465 |
| 10 |
$1,868,000 |
$651,490
$0 |
$1,216,510 |
| 11 |
$1,961,360 |
$686,034
$0 |
$1,275,326 |
| 12 |
$2,059,440 |
$722,323
$0 |
$1,337,117 |
| 13 |
$2,162,400 |
$760,418
$0 |
$1,401,982 |
| 14 |
$2,270,560 |
$800,438
$0 |
$1,470,122 |
| 15 |
$2,384,080 |
$842,440
$0 |
$1,541,640 |
| 16 |
$2,503,280 |
$886,544
$0 |
$1,616,736 |
| 17 |
$2,628,400 |
$932,838
$0 |
$1,695,562 |
| 18 |
$2,759,840 |
$981,471
$0 |
$1,778,369 |
| 19 |
$2,897,840 |
$1,032,531
$0 |
$1,865,309 |
| 20 |
$3,042,720 |
$1,086,137
$0 |
$1,956,583 |
| 21 |
$3,194,880 |
$1,142,436
$0 |
$2,052,444 |
| 22 |
$3,354,640 |
$1,201,547
$0 |
$2,153,093 |
| 23 |
$3,522,320 |
$1,263,589
$0 |
$2,258,731 |
| 24 |
$3,698,480 |
$1,328,768
$0 |
$2,369,712 |
| 25 |
$3,883,360 |
$1,397,174
$0 |
$2,486,186 |
| 26 |
$4,077,600 |
$1,469,042
$0 |
$2,608,558 |
| 27 |
$4,281,440 |
$1,544,463
$0 |
$2,736,977 |
| 28 |
$4,495,520 |
$1,623,673
$0 |
$2,871,847 |
| 29 |
$4,720,320 |
$1,706,849
$0 |
$3,013,471 |
| 30 |
$4,956,320 |
$1,794,169
$0 |
$3,162,151 |
|
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