Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue Jul 29, 2025 is estimated to be $130 Million, with a cash option of 57.5 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 29, 2025

Draw Date	Jackpot	Cash Option
Tue Jul 29, 2025	$130,000,000	$57,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$57,500,000
Federal Tax(24%)	$13,800,000
Additional Federal Tax	$7,435,330
State Tax(5%)	$2,875,000
Net Lumpsum Payment	$33,389,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,956,630	-$684,283 -$97,832	$1,174,515
2	$2,054,520	-$720,503 -$102,726	$1,231,291
3	$2,157,220	-$758,502 -$107,861	$1,290,857
4	$2,265,120	-$798,425 -$113,256	$1,353,439
5	$2,378,350	-$840,320 -$118,918	$1,419,112
6	$2,497,300	-$884,331 -$124,865	$1,488,104
7	$2,622,100	-$930,507 -$131,105	$1,560,488
8	$2,753,270	-$979,040 -$137,664	$1,636,566
9	$2,890,940	-$1,029,978 -$144,547	$1,716,415
10	$3,035,500	-$1,083,465 -$151,775	$1,800,260
11	$3,187,210	-$1,139,598 -$159,361	$1,888,251
12	$3,346,590	-$1,198,569 -$167,330	$1,980,691
13	$3,513,900	-$1,260,473 -$175,695	$2,077,732
14	$3,689,660	-$1,325,505 -$184,483	$2,179,672
15	$3,874,130	-$1,393,758 -$193,707	$2,286,665
16	$4,067,830	-$1,465,427 -$203,392	$2,399,011
17	$4,271,150	-$1,540,656 -$213,558	$2,516,936
18	$4,484,740	-$1,619,684 -$224,237	$2,640,819
19	$4,708,990	-$1,702,657 -$235,450	$2,770,883
20	$4,944,420	-$1,789,766 -$247,221	$2,907,433
21	$5,191,680	-$1,881,252 -$259,584	$3,050,844
22	$5,451,290	-$1,977,308 -$272,565	$3,201,417
23	$5,723,770	-$2,078,125 -$286,189	$3,359,456
24	$6,010,030	-$2,184,041 -$300,502	$3,525,487
25	$6,310,460	-$2,295,201 -$315,523	$3,699,736
26	$6,626,100	-$2,411,987 -$331,305	$3,882,808
27	$6,957,340	-$2,534,546 -$347,867	$4,074,927
28	$7,305,220	-$2,663,262 -$365,261	$4,276,697
29	$7,670,520	-$2,798,423 -$383,526	$4,488,571
30	$8,054,020	-$2,940,318 -$402,701	$4,711,001