Jackpot Analysis Iowa Mega Millions

Jackpot Analysis for Iowa Mega Millions
The jackpot for the MEGA Millions draw on Tue Jun 25, 2024, is projected to be $97 Million, with an option for a cash payout of $46.4 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 Jun 25, 2024
Draw DateTue Jun 25, 2024
Projected Jackpot$97,000,000
Cash Value$46,400,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$46,400,000
Federal Tax(24%)$11,136,000
Additional Federal Tax$5,992,330
State Tax(5%)$2,320,000
Net Lumpsum Payment$26,951,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $1,459,947 $500,511
$72,997
$886,439
2 $1,532,988 $527,536
$76,649
$928,803
3 $1,609,618 $555,889
$80,481
$973,248
4 $1,690,128 $585,678
$84,506
$1,019,944
5 $1,774,615 $616,938
$88,731
$1,068,946
6 $1,863,370 $649,777
$93,169
$1,120,424
7 $1,956,490 $684,232
$97,825
$1,174,433
8 $2,054,363 $720,445
$102,718
$1,231,200
9 $2,157,086 $758,452
$107,854
$1,290,780
10 $2,264,950 $798,362
$113,248
$1,353,340
11 $2,378,149 $840,246
$118,907
$1,418,996
12 $2,497,071 $884,247
$124,854
$1,487,970
13 $2,621,910 $930,437
$131,096
$1,560,377
14 $2,753,054 $978,960
$137,653
$1,636,441
15 $2,890,697 $1,029,888
$144,535
$1,716,274
16 $3,035,227 $1,083,364
$151,761
$1,800,102
17 $3,186,935 $1,139,496
$159,347
$1,888,092
18 $3,346,306 $1,198,464
$167,315
$1,980,527
19 $3,513,631 $1,260,374
$175,682
$2,077,575
20 $3,689,298 $1,325,371
$184,465
$2,179,462
21 $3,873,792 $1,393,633
$193,690
$2,286,469
22 $4,067,501 $1,465,306
$203,375
$2,398,820
23 $4,270,813 $1,540,531
$213,541
$2,516,741
24 $4,484,407 $1,619,561
$224,220
$2,640,626
25 $4,708,574 $1,702,503
$235,429
$2,770,642
26 $4,944,090 $1,789,644
$247,205
$2,907,241
27 $5,191,246 $1,881,091
$259,562
$3,050,593
28 $5,450,818 $1,977,133
$272,541
$3,201,144
29 $5,723,388 $2,077,984
$286,169
$3,359,235
30 $6,009,538 $2,183,859
$300,477
$3,525,202