Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Feb 7, 2025 is estimated to be $94 Million, with a cash option of 42.3 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 Fri Feb 7, 2025

Draw Date	Jackpot	Cash Option
Fri Feb 7, 2025	$94,000,000	$42,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$42,300,000
Federal Tax(24%)	$10,152,000
Additional Federal Tax	$5,459,330
State Tax(5%)	$2,115,000
Net Lumpsum Payment	$24,573,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,414,794	-$483,804 -$70,740	$860,250
2	$1,485,576	-$509,994 -$74,279	$901,303
3	$1,559,836	-$537,470 -$77,992	$944,374
4	$1,637,856	-$566,337 -$81,893	$989,626
5	$1,719,730	-$596,630 -$85,987	$1,037,113
6	$1,805,740	-$628,454 -$90,287	$1,086,999
7	$1,895,980	-$661,843 -$94,799	$1,139,338
8	$1,990,826	-$696,936 -$99,541	$1,194,349
9	$2,090,372	-$733,768 -$104,519	$1,252,085
10	$2,194,900	-$772,443 -$109,745	$1,312,712
11	$2,304,598	-$813,032 -$115,230	$1,376,336
12	$2,419,842	-$855,672 -$120,992	$1,443,178
13	$2,540,820	-$900,434 -$127,041	$1,513,345
14	$2,667,908	-$947,456 -$133,395	$1,587,057
15	$2,801,294	-$996,809 -$140,065	$1,664,420
16	$2,941,354	-$1,048,631 -$147,068	$1,745,655
17	$3,088,370	-$1,103,027 -$154,419	$1,830,924
18	$3,242,812	-$1,160,171 -$162,141	$1,920,500
19	$3,404,962	-$1,220,166 -$170,248	$2,014,548
20	$3,575,196	-$1,283,153 -$178,760	$2,113,283
21	$3,753,984	-$1,349,304 -$187,699	$2,216,981
22	$3,941,702	-$1,418,760 -$197,085	$2,325,857
23	$4,138,726	-$1,491,659 -$206,936	$2,440,131
24	$4,345,714	-$1,568,245 -$217,286	$2,560,183
25	$4,562,948	-$1,648,621 -$228,147	$2,686,180
26	$4,791,180	-$1,733,067 -$239,559	$2,818,554
27	$5,030,692	-$1,821,686 -$251,535	$2,957,471
28	$5,282,236	-$1,914,758 -$264,112	$3,103,366
29	$5,546,376	-$2,012,490 -$277,319	$3,256,567
30	$5,823,676	-$2,115,091 -$291,184	$3,417,401