Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 20, 2025 is estimated to be $139 Million, with a cash option of 62.3 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 Tue May 20, 2025

Draw Date	Jackpot	Cash Option
Tue May 20, 2025	$139,000,000	$62,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$62,300,000
Federal Tax(24%)	$14,952,000
Additional Federal Tax	$8,059,330
State Tax(5%)	$3,115,000
Net Lumpsum Payment	$36,173,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,092,089	-$734,403 -$104,604	$1,253,082
2	$2,196,756	-$773,130 -$109,838	$1,313,788
3	$2,306,566	-$813,760 -$115,328	$1,377,478
4	$2,421,936	-$856,447 -$121,097	$1,444,392
5	$2,543,005	-$901,242 -$127,150	$1,514,613
6	$2,670,190	-$948,301 -$133,510	$1,588,379
7	$2,803,630	-$997,673 -$140,182	$1,665,775
8	$2,943,881	-$1,049,566 -$147,194	$1,747,121
9	$3,091,082	-$1,104,031 -$154,554	$1,832,497
10	$3,245,650	-$1,161,221 -$162,283	$1,922,146
11	$3,407,863	-$1,221,240 -$170,393	$2,016,230
12	$3,578,277	-$1,284,293 -$178,914	$2,115,070
13	$3,757,170	-$1,350,483 -$187,859	$2,218,828
14	$3,945,098	-$1,420,017 -$197,255	$2,327,826
15	$4,142,339	-$1,492,996 -$207,117	$2,442,226
16	$4,349,449	-$1,569,627 -$217,472	$2,562,350
17	$4,566,845	-$1,650,063 -$228,342	$2,688,440
18	$4,795,222	-$1,734,563 -$239,761	$2,820,898
19	$5,034,997	-$1,823,279 -$251,750	$2,959,968
20	$5,286,726	-$1,916,419 -$264,336	$3,105,971
21	$5,551,104	-$2,014,239 -$277,555	$3,259,310
22	$5,828,687	-$2,116,945 -$291,434	$3,420,308
23	$6,120,031	-$2,224,742 -$306,002	$3,589,287
24	$6,426,109	-$2,337,991 -$321,305	$3,766,813
25	$6,747,338	-$2,456,845 -$337,367	$3,953,126
26	$7,084,830	-$2,581,717 -$354,242	$4,148,871
27	$7,439,002	-$2,712,761 -$371,950	$4,354,291
28	$7,810,966	-$2,850,388 -$390,548	$4,570,030
29	$8,201,556	-$2,994,906 -$410,078	$4,796,572
30	$8,611,606	-$3,146,625 -$430,580	$5,034,401