Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Fri Jan 3, 2025 is estimated to be $42 Million, with a cash option of 18.8 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 Jan 3, 2025

Draw Date	Jackpot	Cash Option
Fri Jan 3, 2025	$42,000,000	$18,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$18,800,000
Federal Tax(24%)	$4,512,000
Additional Federal Tax	$2,404,330
State Tax(5%)	$940,000
Net Lumpsum Payment	$10,943,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$632,142	-$194,223 -$31,607	$406,312
2	$663,768	-$205,925 -$33,188	$424,655
3	$696,948	-$218,201 -$34,847	$443,900
4	$731,808	-$231,099 -$36,590	$464,119
5	$768,390	-$244,635 -$38,420	$485,335
6	$806,820	-$258,854 -$40,341	$507,625
7	$847,140	-$273,772 -$42,357	$531,011
8	$889,518	-$289,452 -$44,476	$555,590
9	$933,996	-$305,909 -$46,700	$581,387
10	$980,700	-$323,189 -$49,035	$608,476
11	$1,029,714	-$341,325 -$51,486	$636,903
12	$1,081,206	-$360,377 -$54,060	$666,769
13	$1,135,260	-$380,377 -$56,763	$698,120
14	$1,192,044	-$401,387 -$59,602	$731,055
15	$1,251,642	-$423,438 -$62,582	$765,622
16	$1,314,222	-$446,593 -$65,711	$801,918
17	$1,379,910	-$470,897 -$68,996	$840,017
18	$1,448,916	-$496,429 -$72,446	$880,041
19	$1,521,366	-$523,236 -$76,068	$922,062
20	$1,597,428	-$551,379 -$79,871	$966,178
21	$1,677,312	-$580,936 -$83,866	$1,012,510
22	$1,761,186	-$611,969 -$88,059	$1,061,158
23	$1,849,218	-$644,541 -$92,461	$1,112,216
24	$1,941,702	-$678,760 -$97,085	$1,165,857
25	$2,038,764	-$714,673 -$101,938	$1,222,153
26	$2,140,740	-$752,404 -$107,037	$1,281,299
27	$2,247,756	-$792,000 -$112,388	$1,343,368
28	$2,360,148	-$833,585 -$118,007	$1,408,556
29	$2,478,168	-$877,253 -$123,908	$1,477,007
30	$2,602,068	-$923,096 -$130,103	$1,548,869