The jackpot for the MEGA Millions draw on Tue Feb 3, 2026, is projected to be $323 Million, with an option for a cash payout of $145.7 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 Tue Feb 3, 2026 |
|---|
| Draw Date | Tue Feb 3, 2026 | | Projected Jackpot | $323,000,000 | | Cash Value | $145,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,700,000 | | Federal Tax(24%) | $34,968,000 | | Additional Federal Tax | $18,901,330 | | State Tax(5%) | $7,285,000 | | Net Lumpsum Payment | $84,545,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,861,473 |
$1,759,075
$243,074 |
$2,859,324 |
| 2 |
$5,104,692 |
$1,849,066
$255,235 |
$3,000,391 |
| 3 |
$5,359,862 |
$1,943,479
$267,993 |
$3,148,390 |
| 4 |
$5,627,952 |
$2,042,673
$281,398 |
$3,303,881 |
| 5 |
$5,909,285 |
$2,146,766
$295,464 |
$3,467,055 |
| 6 |
$6,204,830 |
$2,256,117
$310,242 |
$3,638,471 |
| 7 |
$6,514,910 |
$2,370,847
$325,746 |
$3,818,317 |
| 8 |
$6,840,817 |
$2,491,433
$342,041 |
$4,007,343 |
| 9 |
$7,182,874 |
$2,617,994
$359,144 |
$4,205,736 |
| 10 |
$7,542,050 |
$2,750,889
$377,103 |
$4,414,058 |
| 11 |
$7,918,991 |
$2,890,357
$395,950 |
$4,632,684 |
| 12 |
$8,314,989 |
$3,036,876
$415,749 |
$4,862,364 |
| 13 |
$8,730,690 |
$3,190,686
$436,535 |
$5,103,469 |
| 14 |
$9,167,386 |
$3,352,263
$458,369 |
$5,356,754 |
| 15 |
$9,625,723 |
$3,521,848
$481,286 |
$5,622,589 |
| 16 |
$10,106,993 |
$3,699,918
$505,350 |
$5,901,725 |
| 17 |
$10,612,165 |
$3,886,831
$530,608 |
$6,194,726 |
| 18 |
$11,142,854 |
$4,083,186
$557,143 |
$6,502,525 |
| 19 |
$11,700,029 |
$4,289,341
$585,001 |
$6,825,687 |
| 20 |
$12,284,982 |
$4,505,774
$614,249 |
$7,164,959 |
| 21 |
$12,899,328 |
$4,733,082
$644,966 |
$7,521,280 |
| 22 |
$13,544,359 |
$4,971,743
$677,218 |
$7,895,398 |
| 23 |
$14,221,367 |
$5,222,236
$711,068 |
$8,288,063 |
| 24 |
$14,932,613 |
$5,485,397
$746,631 |
$8,700,585 |
| 25 |
$15,679,066 |
$5,761,585
$783,953 |
$9,133,528 |
| 26 |
$16,463,310 |
$6,051,755
$823,166 |
$9,588,389 |
| 27 |
$17,286,314 |
$6,356,267
$864,316 |
$10,065,731 |
| 28 |
$18,150,662 |
$6,676,075
$907,533 |
$10,567,054 |
| 29 |
$19,058,292 |
$7,011,898
$952,915 |
$11,093,479 |
| 30 |
$20,011,142 |
$7,364,453
$1,000,557 |
$11,646,132 |
|
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