Iowa Lottery

IALottery MEGA Millions Jackpot Analysis

The MEGA Millions jackpot for the draw on Tue May 26, 2026 is estimated to be $311 Million, with a cash option of 136.4 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 May 26, 2026

Draw Date	Jackpot	Cash Option
Tue May 26, 2026	$311,000,000	$136,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$136,400,000
Federal Tax(24%)	$32,736,000
Additional Federal Tax	$17,692,330
State Tax(5%)	$6,820,000
Net Lumpsum Payment	$79,151,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,680,861	-$1,692,249 -$234,043	$2,754,569
2	$4,915,044	-$1,778,897 -$245,752	$2,890,395
3	$5,160,734	-$1,869,802 -$258,037	$3,032,895
4	$5,418,864	-$1,965,310 -$270,943	$3,182,611
5	$5,689,745	-$2,065,536 -$284,487	$3,339,722
6	$5,974,310	-$2,170,825 -$298,716	$3,504,769
7	$6,272,870	-$2,281,292 -$313,644	$3,677,934
8	$6,586,669	-$2,397,398 -$329,333	$3,859,938
9	$6,916,018	-$2,519,257 -$345,801	$4,050,960
10	$7,261,850	-$2,647,215 -$363,093	$4,251,542
11	$7,624,787	-$2,781,502 -$381,239	$4,462,046
12	$8,006,073	-$2,922,577 -$400,304	$4,683,192
13	$8,406,330	-$3,070,672 -$420,317	$4,915,341
14	$8,826,802	-$3,226,247 -$441,340	$5,159,215
15	$9,268,111	-$3,389,531 -$463,406	$5,415,174
16	$9,731,501	-$3,560,986 -$486,575	$5,683,940
17	$10,217,905	-$3,740,955 -$510,895	$5,966,055
18	$10,728,878	-$3,930,015 -$536,444	$6,262,419
19	$11,265,353	-$4,128,511 -$563,268	$6,573,574
20	$11,828,574	-$4,336,903 -$591,429	$6,900,242
21	$12,420,096	-$4,555,766 -$621,005	$7,243,325
22	$13,041,163	-$4,785,561 -$652,058	$7,603,544
23	$13,693,019	-$5,026,747 -$684,651	$7,981,621
24	$14,377,841	-$5,280,132 -$718,892	$8,378,817
25	$15,096,562	-$5,546,058 -$754,828	$8,795,676
26	$15,851,670	-$5,825,448 -$792,584	$9,233,638
27	$16,644,098	-$6,118,647 -$832,205	$9,693,246
28	$17,476,334	-$6,426,574 -$873,817	$10,175,943
29	$18,350,244	-$6,749,921 -$917,512	$10,682,811
30	$19,267,694	-$7,089,377 -$963,385	$11,214,932