Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Nov 22, 2024 is estimated to be $453 Million, with a cash option of 209.6 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 22, 2024

Draw Date	Jackpot	Cash Option
Fri Nov 22, 2024	$453,000,000	$209,600,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$209,600,000
Federal Tax(24%)	$50,304,000
Additional Federal Tax	$27,208,330
State Tax(5%)	$10,480,000
Net Lumpsum Payment	$121,607,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$6,818,103	-$2,483,028 -$340,905	$3,994,170
2	$7,159,212	-$2,609,239 -$357,961	$4,192,012
3	$7,517,082	-$2,741,651 -$375,854	$4,399,577
4	$7,893,072	-$2,880,767 -$394,654	$4,617,651
5	$8,287,635	-$3,026,755 -$414,382	$4,846,498
6	$8,702,130	-$3,180,118 -$435,107	$5,086,905
7	$9,137,010	-$3,341,024 -$456,851	$5,339,135
8	$9,594,087	-$3,510,143 -$479,704	$5,604,240
9	$10,073,814	-$3,687,642 -$503,691	$5,882,481
10	$10,577,550	-$3,874,024 -$528,878	$6,174,648
11	$11,106,201	-$4,069,625 -$555,310	$6,481,266
12	$11,661,579	-$4,275,115 -$583,079	$6,803,385
13	$12,244,590	-$4,490,829 -$612,230	$7,141,531
14	$12,857,046	-$4,717,437 -$642,852	$7,496,757
15	$13,499,853	-$4,955,276 -$674,993	$7,869,584
16	$14,174,823	-$5,205,015 -$708,741	$8,261,067
17	$14,883,315	-$5,467,157 -$744,166	$8,671,992
18	$15,627,594	-$5,742,540 -$781,380	$9,103,674
19	$16,409,019	-$6,031,667 -$820,451	$9,556,901
20	$17,229,402	-$6,335,209 -$861,470	$10,032,723
21	$18,091,008	-$6,654,003 -$904,550	$10,532,455
22	$18,995,649	-$6,988,721 -$949,782	$11,057,146
23	$19,945,137	-$7,340,031 -$997,257	$11,607,849
24	$20,942,643	-$7,709,108 -$1,047,132	$12,186,403
25	$21,989,526	-$8,096,455 -$1,099,476	$12,793,595
26	$23,089,410	-$8,503,412 -$1,154,471	$13,431,527
27	$24,243,654	-$8,930,482 -$1,212,183	$14,100,989
28	$25,455,882	-$9,379,007 -$1,272,794	$14,804,081
29	$26,728,812	-$9,849,991 -$1,336,441	$15,542,380
30	$28,065,162	-$10,344,440 -$1,403,258	$16,317,464