The jackpot for the MEGA Millions draw on Fri Aug 28, 2026, is projected to be $145 Million, with an option for a cash payout of $61.9 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 Aug 28, 2026 |
|---|
| Draw Date | Fri Aug 28, 2026 | | Projected Jackpot | $145,000,000 | | Cash Value | $61,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,900,000 | | Federal Tax(24%) | $14,856,000 | | Additional Federal Tax | $8,007,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $39,036,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$0 |
$1,414,578 |
| 2 |
$2,291,580 |
$808,215
$0 |
$1,483,365 |
| 3 |
$2,406,130 |
$850,598
$0 |
$1,555,532 |
| 4 |
$2,526,480 |
$895,128
$0 |
$1,631,352 |
| 5 |
$2,652,775 |
$941,857
$0 |
$1,710,918 |
| 6 |
$2,785,450 |
$990,947
$0 |
$1,794,503 |
| 7 |
$2,924,650 |
$1,042,451
$0 |
$1,882,199 |
| 8 |
$3,070,955 |
$1,096,584
$0 |
$1,974,371 |
| 9 |
$3,224,510 |
$1,153,399
$0 |
$2,071,111 |
| 10 |
$3,385,750 |
$1,213,058
$0 |
$2,172,692 |
| 11 |
$3,554,965 |
$1,275,667
$0 |
$2,279,298 |
| 12 |
$3,732,735 |
$1,341,442
$0 |
$2,391,293 |
| 13 |
$3,919,350 |
$1,410,490
$0 |
$2,508,860 |
| 14 |
$4,115,390 |
$1,483,025
$0 |
$2,632,365 |
| 15 |
$4,321,145 |
$1,559,154
$0 |
$2,761,991 |
| 16 |
$4,537,195 |
$1,639,093
$0 |
$2,898,102 |
| 17 |
$4,763,975 |
$1,723,001
$0 |
$3,040,974 |
| 18 |
$5,002,210 |
$1,811,148
$0 |
$3,191,062 |
| 19 |
$5,252,335 |
$1,903,694
$0 |
$3,348,641 |
| 20 |
$5,514,930 |
$2,000,854
$0 |
$3,514,076 |
| 21 |
$5,790,720 |
$2,102,897
$0 |
$3,687,823 |
| 22 |
$6,080,285 |
$2,210,036
$0 |
$3,870,249 |
| 23 |
$6,384,205 |
$2,322,486
$0 |
$4,061,719 |
| 24 |
$6,703,495 |
$2,440,624
$0 |
$4,262,871 |
| 25 |
$7,038,590 |
$2,564,609
$0 |
$4,473,981 |
| 26 |
$7,390,650 |
$2,694,871
$0 |
$4,695,779 |
| 27 |
$7,760,110 |
$2,831,571
$0 |
$4,928,539 |
| 28 |
$8,148,130 |
$2,975,138
$0 |
$5,172,992 |
| 29 |
$8,555,580 |
$3,125,895
$0 |
$5,429,685 |
| 30 |
$8,983,330 |
$3,284,162
$0 |
$5,699,168 |
|
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