The jackpot for the MEGA Millions draw on Fri Jul 26, 2024, is projected to be $306 Million, with an option for a cash payout of $143.8 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 Jul 26, 2024 |
|---|
| Draw Date | Fri Jul 26, 2024 | | Projected Jackpot | $306,000,000 | | Cash Value | $143,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $143,800,000 | | Federal Tax(24%) | $34,512,000 | | Additional Federal Tax | $18,654,330 | | State Tax(5%) | $7,190,000 | | Net Lumpsum Payment | $83,443,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,605,606 |
$1,664,405
$230,280 |
$2,710,921 |
| 2 |
$4,836,024 |
$1,749,659
$241,801 |
$2,844,564 |
| 3 |
$5,077,764 |
$1,839,103
$253,888 |
$2,984,773 |
| 4 |
$5,331,744 |
$1,933,076
$266,587 |
$3,132,081 |
| 5 |
$5,598,270 |
$2,031,690
$279,914 |
$3,286,666 |
| 6 |
$5,878,260 |
$2,135,287
$293,913 |
$3,449,060 |
| 7 |
$6,172,020 |
$2,243,978
$308,601 |
$3,619,441 |
| 8 |
$6,480,774 |
$2,358,217
$324,039 |
$3,798,518 |
| 9 |
$6,804,828 |
$2,478,117
$340,241 |
$3,986,470 |
| 10 |
$7,145,100 |
$2,604,017
$357,255 |
$4,183,828 |
| 11 |
$7,502,202 |
$2,736,145
$375,110 |
$4,390,947 |
| 12 |
$7,877,358 |
$2,874,953
$393,868 |
$4,608,537 |
| 13 |
$8,271,180 |
$3,020,667
$413,559 |
$4,836,954 |
| 14 |
$8,684,892 |
$3,173,740
$434,245 |
$5,076,907 |
| 15 |
$9,119,106 |
$3,334,400
$455,955 |
$5,328,751 |
| 16 |
$9,575,046 |
$3,503,097
$478,752 |
$5,593,197 |
| 17 |
$10,053,630 |
$3,680,173
$502,682 |
$5,870,775 |
| 18 |
$10,556,388 |
$3,866,194
$527,819 |
$6,162,375 |
| 19 |
$11,084,238 |
$4,061,498
$554,212 |
$6,468,528 |
| 20 |
$11,638,404 |
$4,266,540
$581,920 |
$6,789,944 |
| 21 |
$12,220,416 |
$4,481,884
$611,021 |
$7,127,511 |
| 22 |
$12,831,498 |
$4,707,985
$641,575 |
$7,481,938 |
| 23 |
$13,472,874 |
$4,945,294
$673,644 |
$7,853,936 |
| 24 |
$14,146,686 |
$5,194,604
$707,334 |
$8,244,748 |
| 25 |
$14,853,852 |
$5,456,256
$742,693 |
$8,654,903 |
| 26 |
$15,596,820 |
$5,731,154
$779,841 |
$9,085,825 |
| 27 |
$16,376,508 |
$6,019,638
$818,825 |
$9,538,045 |
| 28 |
$17,195,364 |
$6,322,615
$859,768 |
$10,012,981 |
| 29 |
$18,055,224 |
$6,640,763
$902,761 |
$10,511,700 |
| 30 |
$18,957,924 |
$6,974,762
$947,896 |
$11,035,266 |
|
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