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Tennessee Mega Millions Jackpot Annuity Payout Schedule for Jul 30, 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 $331,000,000 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 30, 2024
Jackpot:$331,000,000
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$4,982,025$1,801,537$0$3,180,488
2$5,231,126$1,893,704$0$3,337,422
3$5,492,683$1,990,480$0$3,502,202
4$5,767,317$2,092,095$0$3,675,222
5$6,055,682$2,198,790$0$3,856,892
6$6,358,467$2,310,820$0$4,047,646
7$6,676,390$2,428,452$0$4,247,938
8$7,010,210$2,551,965$0$4,458,244
9$7,360,720$2,681,654$0$4,679,066
10$7,728,756$2,817,827$0$4,910,929
11$8,115,194$2,960,809$0$5,154,384
12$8,520,954$3,110,941$0$5,410,013
13$8,947,001$3,268,578$0$5,678,423
14$9,394,351$3,434,098$0$5,960,254
15$9,864,069$3,607,893$0$6,256,176
16$10,357,272$3,790,379$0$6,566,894
17$10,875,136$3,981,988$0$6,893,148
18$11,418,893$4,183,178$0$7,235,715
19$11,989,837$4,394,428$0$7,595,410
20$12,589,329$4,616,240$0$7,973,090
21$13,218,795$4,849,142$0$8,369,653
22$13,879,735$5,093,690$0$8,786,045
23$14,573,722$5,350,465$0$9,223,257
24$15,302,408$5,620,079$0$9,682,329
25$16,067,528$5,903,173$0$10,164,355
26$16,870,905$6,200,423$0$10,670,483
27$17,714,450$6,512,534$0$11,201,916
28$18,600,173$6,840,252$0$11,759,921
29$19,530,181$7,184,355$0$12,345,826
30$20,506,691$7,545,663$0$12,961,027
Total$331,000,001$121,215,632$0$209,784,368

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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.