Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jul 8, 2025 is estimated to be $70 Million, with a cash option of 31.3 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 Jul 8, 2025

Draw Date	Jackpot	Cash Option
Tue Jul 8, 2025	$70,000,000	$31,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$31,300,000
Federal Tax(24%)	$7,512,000
Additional Federal Tax	$4,029,330
State Tax(5%)	$1,565,000
Net Lumpsum Payment	$18,193,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,053,570	-$350,151 -$52,679	$650,740
2	$1,106,280	-$369,654 -$55,314	$681,312
3	$1,161,580	-$390,115 -$58,079	$713,386
4	$1,219,680	-$411,612 -$60,984	$747,084
5	$1,280,650	-$434,171 -$64,033	$782,446
6	$1,344,700	-$457,869 -$67,235	$819,596
7	$1,411,900	-$482,733 -$70,595	$858,572
8	$1,482,530	-$508,866 -$74,127	$899,537
9	$1,556,660	-$536,295 -$77,833	$942,532
10	$1,634,500	-$565,095 -$81,725	$987,680
11	$1,716,190	-$595,321 -$85,810	$1,035,059
12	$1,802,010	-$627,074 -$90,101	$1,084,835
13	$1,892,100	-$660,407 -$94,605	$1,137,088
14	$1,986,740	-$695,424 -$99,337	$1,191,979
15	$2,086,070	-$732,176 -$104,304	$1,249,590
16	$2,190,370	-$770,767 -$109,519	$1,310,084
17	$2,299,850	-$811,275 -$114,993	$1,373,582
18	$2,414,860	-$853,829 -$120,743	$1,440,288
19	$2,535,610	-$898,506 -$126,781	$1,510,323
20	$2,662,380	-$945,411 -$133,119	$1,583,850
21	$2,795,520	-$994,673 -$139,776	$1,661,071
22	$2,935,310	-$1,046,395 -$146,766	$1,742,149
23	$3,082,030	-$1,100,681 -$154,102	$1,827,247
24	$3,236,170	-$1,157,713 -$161,809	$1,916,648
25	$3,397,940	-$1,217,568 -$169,897	$2,010,475
26	$3,567,900	-$1,280,453 -$178,395	$2,109,052
27	$3,746,260	-$1,346,447 -$187,313	$2,212,500
28	$3,933,580	-$1,415,755 -$196,679	$2,321,146
29	$4,130,280	-$1,488,534 -$206,514	$2,435,232
30	$4,336,780	-$1,564,939 -$216,839	$2,555,002