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Tennessee Mega Millions Jackpot Annuity Payout Schedule for Jul 23, 2024

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $279,000,000 for a ticket purchased in Tennessee, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Tennessee

Drawing Date:Tue, Jul 23, 2024
Jackpot:$279,000,000
Federal Tax:37% marginal rate
State Tax: No state tax on lottery prizes
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,199,350$1,511,947$0$2,687,403
2$4,409,318$1,589,635$0$2,819,683
3$4,629,784$1,671,208$0$2,958,576
4$4,861,273$1,756,859$0$3,104,414
5$5,104,337$1,846,792$0$3,257,544
6$5,359,553$1,941,223$0$3,418,331
7$5,627,531$2,040,374$0$3,587,157
8$5,908,908$2,144,484$0$3,764,424
9$6,204,353$2,253,798$0$3,950,555
10$6,514,571$2,368,579$0$4,145,992
11$6,840,299$2,489,099$0$4,351,201
12$7,182,314$2,615,644$0$4,566,670
13$7,541,430$2,748,517$0$4,792,913
14$7,918,502$2,888,033$0$5,030,468
15$8,314,427$3,034,526$0$5,279,901
16$8,730,148$3,188,343$0$5,541,805
17$9,166,655$3,349,850$0$5,816,805
18$9,624,988$3,519,433$0$6,105,555
19$10,106,237$3,697,496$0$6,408,742
20$10,611,549$3,884,461$0$6,727,088
21$11,142,127$4,080,775$0$7,061,352
22$11,699,233$4,286,904$0$7,412,329
23$12,284,195$4,503,340$0$7,780,855
24$12,898,404$4,730,597$0$8,167,807
25$13,543,325$4,969,218$0$8,574,107
26$14,220,491$5,219,769$0$9,000,722
27$14,931,516$5,482,849$0$9,448,667
28$15,678,091$5,759,081$0$9,919,010
29$16,461,996$6,049,126$0$10,412,870
30$17,285,096$6,353,673$0$10,931,423
Total$279,000,001$101,975,633$0$177,024,369

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.