The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $123,456,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$0 |
$4,031,646 |
| 2 |
$6,653,484 |
$2,422,119
$0 |
$4,231,365 |
| 3 |
$6,986,074 |
$2,545,178
$0 |
$4,440,896 |
| 4 |
$7,335,504 |
$2,674,467
$0 |
$4,661,037 |
| 5 |
$7,702,195 |
$2,810,143
$0 |
$4,892,052 |
| 6 |
$8,087,410 |
$2,952,672
$0 |
$5,134,738 |
| 7 |
$8,491,570 |
$3,102,211
$0 |
$5,389,359 |
| 8 |
$8,916,359 |
$3,259,383
$0 |
$5,656,976 |
| 9 |
$9,362,198 |
$3,424,344
$0 |
$5,937,854 |
| 10 |
$9,830,350 |
$3,597,560
$0 |
$6,232,790 |
| 11 |
$10,321,657 |
$3,779,343
$0 |
$6,542,314 |
| 12 |
$10,837,803 |
$3,970,317
$0 |
$6,867,486 |
| 13 |
$11,379,630 |
$4,170,793
$0 |
$7,208,837 |
| 14 |
$11,948,822 |
$4,381,395
$0 |
$7,567,427 |
| 15 |
$12,546,221 |
$4,602,432
$0 |
$7,943,789 |
| 16 |
$13,173,511 |
$4,834,529
$0 |
$8,338,982 |
| 17 |
$13,831,955 |
$5,078,154
$0 |
$8,753,801 |
| 18 |
$14,523,658 |
$5,334,084
$0 |
$9,189,574 |
| 19 |
$15,249,883 |
$5,602,787
$0 |
$9,647,096 |
| 20 |
$16,012,314 |
$5,884,887
$0 |
$10,127,427 |
| 21 |
$16,813,056 |
$6,181,161
$0 |
$10,631,895 |
| 22 |
$17,653,793 |
$6,492,234
$0 |
$11,161,559 |
| 23 |
$18,536,209 |
$6,818,728
$0 |
$11,717,481 |
| 24 |
$19,463,251 |
$7,161,733
$0 |
$12,301,518 |
| 25 |
$20,436,182 |
$7,521,718
$0 |
$12,914,464 |
| 26 |
$21,458,370 |
$7,899,927
$0 |
$13,558,443 |
| 27 |
$22,531,078 |
$8,296,829
$0 |
$14,234,249 |
| 28 |
$23,657,674 |
$8,713,670
$0 |
$14,944,004 |
| 29 |
$24,840,684 |
$9,151,383
$0 |
$15,689,301 |
| 30 |
$26,082,634 |
$9,610,905
$0 |
$16,471,729 |
|
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