The jackpot for the MEGA Millions draw on Fri May 17, 2024, is projected to be $393 Million, with an option for a cash payout of $181.5 Million. Should you be the lucky winner of the MEGA Millions jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa MEGA Millions Jackpot/Cash Option for Fri May 17, 2024 |
|---|
| Draw Date | Fri May 17, 2024 | | Projected Jackpot | $393,000,000 | | Cash Value | $181,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,500,000 | | Federal Tax(24%) | $43,560,000 | | Additional Federal Tax | $23,555,330 | | State Tax(5%) | $9,075,000 | | Net Lumpsum Payment | $105,309,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,915,043 |
$2,148,896
$295,752 |
$3,470,395 |
| 2 |
$6,210,972 |
$2,258,390
$310,549 |
$3,642,033 |
| 3 |
$6,521,442 |
$2,373,264
$326,072 |
$3,822,106 |
| 4 |
$6,847,632 |
$2,493,954
$342,382 |
$4,011,296 |
| 5 |
$7,189,935 |
$2,620,606
$359,497 |
$4,209,832 |
| 6 |
$7,549,530 |
$2,753,656
$377,477 |
$4,418,397 |
| 7 |
$7,926,810 |
$2,893,250
$396,341 |
$4,637,219 |
| 8 |
$8,323,347 |
$3,039,969
$416,167 |
$4,867,211 |
| 9 |
$8,739,534 |
$3,193,958
$436,977 |
$5,108,599 |
| 10 |
$9,176,550 |
$3,355,654
$458,828 |
$5,362,068 |
| 11 |
$9,635,181 |
$3,525,347
$481,759 |
$5,628,075 |
| 12 |
$10,116,999 |
$3,703,620
$505,850 |
$5,907,529 |
| 13 |
$10,622,790 |
$3,890,763
$531,140 |
$6,200,887 |
| 14 |
$11,154,126 |
$4,087,357
$557,706 |
$6,509,063 |
| 15 |
$11,711,793 |
$4,293,694
$585,590 |
$6,832,509 |
| 16 |
$12,297,363 |
$4,510,355
$614,868 |
$7,172,140 |
| 17 |
$12,912,015 |
$4,737,776
$645,601 |
$7,528,638 |
| 18 |
$13,557,714 |
$4,976,685
$677,886 |
$7,903,143 |
| 19 |
$14,235,639 |
$5,227,517
$711,782 |
$8,296,340 |
| 20 |
$14,947,362 |
$5,490,854
$747,368 |
$8,709,140 |
| 21 |
$15,694,848 |
$5,767,424
$784,742 |
$9,142,682 |
| 22 |
$16,479,669 |
$6,057,808
$823,983 |
$9,597,878 |
| 23 |
$17,303,397 |
$6,362,587
$865,170 |
$10,075,640 |
| 24 |
$18,168,783 |
$6,682,780
$908,439 |
$10,577,564 |
| 25 |
$19,077,006 |
$7,018,823
$953,850 |
$11,104,333 |
| 26 |
$20,031,210 |
$7,371,878
$1,001,561 |
$11,657,771 |
| 27 |
$21,032,574 |
$7,742,383
$1,051,629 |
$12,238,562 |
| 28 |
$22,084,242 |
$8,131,500
$1,104,212 |
$12,848,530 |
| 29 |
$23,188,572 |
$8,540,102
$1,159,429 |
$13,489,041 |
| 30 |
$24,347,922 |
$8,969,062
$1,217,396 |
$14,161,464 |
|
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