Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jun 10, 2025 is estimated to be $243 Million, with a cash option of 108 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 Jun 10, 2025

Draw Date	Jackpot	Cash Option
Tue Jun 10, 2025	$243,000,000	$108,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$108,000,000
Federal Tax(24%)	$25,920,000
Additional Federal Tax	$14,000,330
State Tax(5%)	$5,400,000
Net Lumpsum Payment	$62,679,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,657,393	-$1,313,566 -$182,870	$2,160,957
2	$3,840,372	-$1,381,268 -$192,019	$2,267,085
3	$4,032,342	-$1,452,297 -$201,617	$2,378,428
4	$4,234,032	-$1,526,922 -$211,702	$2,495,408
5	$4,445,685	-$1,605,234 -$222,284	$2,618,167
6	$4,668,030	-$1,687,501 -$233,402	$2,747,127
7	$4,901,310	-$1,773,815 -$245,066	$2,882,429
8	$5,146,497	-$1,864,534 -$257,325	$3,024,638
9	$5,403,834	-$1,959,749 -$270,192	$3,173,893
10	$5,674,050	-$2,059,729 -$283,703	$3,330,618
11	$5,957,631	-$2,164,654 -$297,882	$3,495,095
12	$6,255,549	-$2,274,884 -$312,777	$3,667,888
13	$6,568,290	-$2,390,598 -$328,415	$3,849,277
14	$6,896,826	-$2,512,156 -$344,841	$4,039,829
15	$7,241,643	-$2,639,738 -$362,082	$4,239,823
16	$7,603,713	-$2,773,704 -$380,186	$4,449,823
17	$7,983,765	-$2,914,323 -$399,188	$4,670,254
18	$8,383,014	-$3,062,046 -$419,151	$4,901,817
19	$8,802,189	-$3,217,140 -$440,109	$5,144,940
20	$9,242,262	-$3,379,967 -$462,113	$5,400,182
21	$9,704,448	-$3,550,976 -$485,222	$5,668,250
22	$10,189,719	-$3,730,526 -$509,486	$5,949,707
23	$10,699,047	-$3,918,978 -$534,952	$6,245,117
24	$11,234,133	-$4,116,960 -$561,707	$6,555,466
25	$11,795,706	-$4,324,742 -$589,785	$6,881,179
26	$12,385,710	-$4,543,043 -$619,286	$7,223,381
27	$13,004,874	-$4,772,134 -$650,244	$7,582,496
28	$13,655,142	-$5,012,733 -$682,757	$7,959,652
29	$14,337,972	-$5,265,380 -$716,899	$8,355,693
30	$15,054,822	-$5,530,615 -$752,741	$8,771,466