Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 15, 2024 is estimated to be $387 Million, with a cash option of 181.4 Million. If you win the MEGA Millions jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Iowa, your state will take 5% of your lottery winnings.

Please note that the calculation of the MEGA Millions jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Iowa MEGA Millions Jackpot/Cash Option for Fri Nov 15, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 15, 2024	$387,000,000	$181,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$181,400,000
Federal Tax(24%)	$43,536,000
Additional Federal Tax	$23,542,330
State Tax(5%)	$9,070,000
Net Lumpsum Payment	$105,251,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,824,737	-$2,115,483 -$291,237	$3,418,017
2	$6,116,148	-$2,223,305 -$305,807	$3,587,036
3	$6,421,878	-$2,336,425 -$321,094	$3,764,359
4	$6,743,088	-$2,455,273 -$337,154	$3,950,661
5	$7,080,165	-$2,579,991 -$354,008	$4,146,166
6	$7,434,270	-$2,711,010 -$371,714	$4,351,546
7	$7,805,790	-$2,848,473 -$390,290	$4,567,027
8	$8,196,273	-$2,992,951 -$409,814	$4,793,508
9	$8,606,106	-$3,144,590 -$430,305	$5,031,211
10	$9,036,450	-$3,303,817 -$451,823	$5,280,810
11	$9,488,079	-$3,470,920 -$474,404	$5,542,755
12	$9,962,541	-$3,646,471 -$498,127	$5,817,943
13	$10,460,610	-$3,830,756 -$523,031	$6,106,823
14	$10,983,834	-$4,024,349 -$549,192	$6,410,293
15	$11,532,987	-$4,227,536 -$576,649	$6,728,802
16	$12,109,617	-$4,440,889 -$605,481	$7,063,247
17	$12,714,885	-$4,664,838 -$635,744	$7,414,303
18	$13,350,726	-$4,900,099 -$667,536	$7,783,091
19	$14,018,301	-$5,147,102 -$700,915	$8,170,284
20	$14,719,158	-$5,406,419 -$735,958	$8,576,781
21	$15,455,232	-$5,678,766 -$772,762	$9,003,704
22	$16,228,071	-$5,964,717 -$811,404	$9,451,950
23	$17,039,223	-$6,264,843 -$851,961	$9,922,419
24	$17,891,397	-$6,580,147 -$894,570	$10,416,680
25	$18,785,754	-$6,911,059 -$939,288	$10,935,407
26	$19,725,390	-$7,258,725 -$986,270	$11,480,395
27	$20,711,466	-$7,623,573 -$1,035,573	$12,052,320
28	$21,747,078	-$8,006,749 -$1,087,354	$12,652,975
29	$22,834,548	-$8,409,113 -$1,141,727	$13,283,708
30	$23,976,198	-$8,831,524 -$1,198,810	$13,945,864