The jackpot for the MEGA Millions draw on Fri Jun 5, 2026, is projected to be $368 Million, with an option for a cash payout of $163.6 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 Jun 5, 2026 |
|---|
| Draw Date | Fri Jun 5, 2026 | | Projected Jackpot | $368,000,000 | | Cash Value | $163,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $163,600,000 | | Federal Tax(24%) | $39,264,000 | | Additional Federal Tax | $21,228,330 | | State Tax(5%) | $8,180,000 | | Net Lumpsum Payment | $94,927,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,538,768 |
$2,009,675
$276,938 |
$3,252,155 |
| 2 |
$5,815,872 |
$2,112,203
$290,794 |
$3,412,875 |
| 3 |
$6,106,592 |
$2,219,769
$305,330 |
$3,581,493 |
| 4 |
$6,412,032 |
$2,332,782
$320,602 |
$3,758,648 |
| 5 |
$6,732,560 |
$2,451,378
$336,628 |
$3,944,554 |
| 6 |
$7,069,280 |
$2,575,964
$353,464 |
$4,139,852 |
| 7 |
$7,422,560 |
$2,706,678
$371,128 |
$4,344,754 |
| 8 |
$7,793,872 |
$2,844,063
$389,694 |
$4,560,115 |
| 9 |
$8,183,584 |
$2,988,256
$409,179 |
$4,786,149 |
| 10 |
$8,592,800 |
$3,139,666
$429,640 |
$5,023,494 |
| 11 |
$9,022,256 |
$3,298,565
$451,113 |
$5,272,578 |
| 12 |
$9,473,424 |
$3,465,497
$473,671 |
$5,534,256 |
| 13 |
$9,947,040 |
$3,640,735
$497,352 |
$5,808,953 |
| 14 |
$10,444,576 |
$3,824,824
$522,229 |
$6,097,523 |
| 15 |
$10,966,768 |
$4,018,035
$548,338 |
$6,400,395 |
| 16 |
$11,515,088 |
$4,220,913
$575,754 |
$6,718,421 |
| 17 |
$12,090,640 |
$4,433,867
$604,532 |
$7,052,241 |
| 18 |
$12,695,264 |
$4,657,578
$634,763 |
$7,402,923 |
| 19 |
$13,330,064 |
$4,892,454
$666,503 |
$7,771,107 |
| 20 |
$13,996,512 |
$5,139,040
$699,826 |
$8,157,646 |
| 21 |
$14,696,448 |
$5,398,016
$734,822 |
$8,563,610 |
| 22 |
$15,431,344 |
$5,669,928
$771,567 |
$8,989,849 |
| 23 |
$16,202,672 |
$5,955,319
$810,134 |
$9,437,219 |
| 24 |
$17,013,008 |
$6,255,143
$850,650 |
$9,907,215 |
| 25 |
$17,863,456 |
$6,569,809
$893,173 |
$10,400,474 |
| 26 |
$18,756,960 |
$6,900,406
$937,848 |
$10,918,706 |
| 27 |
$19,694,624 |
$7,247,341
$984,731 |
$11,462,552 |
| 28 |
$20,679,392 |
$7,611,705
$1,033,970 |
$12,033,717 |
| 29 |
$21,713,472 |
$7,994,315
$1,085,674 |
$12,633,483 |
| 30 |
$22,799,072 |
$8,395,987
$1,139,954 |
$13,263,131 |
|
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