The jackpot for the MEGA Millions draw on Tue Jan 14, 2025, is projected to be $95 Million, with an option for a cash payout of $41.6 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 Tue Jan 14, 2025 |
|---|
| Draw Date | Tue Jan 14, 2025 | | Projected Jackpot | $95,000,000 | | Cash Value | $41,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,600,000 | | Federal Tax(24%) | $9,984,000 | | Additional Federal Tax | $5,368,330 | | State Tax(5%) | $2,080,000 | | Net Lumpsum Payment | $24,167,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,429,845 |
$489,373
$71,492 |
$868,980 |
| 2 |
$1,501,380 |
$515,841
$75,069 |
$910,470 |
| 3 |
$1,576,430 |
$543,609
$78,822 |
$953,999 |
| 4 |
$1,655,280 |
$572,784
$82,764 |
$999,732 |
| 5 |
$1,738,025 |
$603,400
$86,901 |
$1,047,724 |
| 6 |
$1,824,950 |
$635,562
$91,248 |
$1,098,140 |
| 7 |
$1,916,150 |
$669,306
$95,808 |
$1,151,036 |
| 8 |
$2,012,005 |
$704,772
$100,600 |
$1,206,633 |
| 9 |
$2,112,610 |
$741,996
$105,631 |
$1,264,983 |
| 10 |
$2,218,250 |
$781,083
$110,913 |
$1,326,254 |
| 11 |
$2,329,115 |
$822,103
$116,456 |
$1,390,556 |
| 12 |
$2,445,585 |
$865,197
$122,279 |
$1,458,109 |
| 13 |
$2,567,850 |
$910,435
$128,393 |
$1,529,022 |
| 14 |
$2,696,290 |
$957,958
$134,815 |
$1,603,517 |
| 15 |
$2,831,095 |
$1,007,836
$141,555 |
$1,681,704 |
| 16 |
$2,972,645 |
$1,060,209
$148,632 |
$1,763,804 |
| 17 |
$3,121,225 |
$1,115,184
$156,061 |
$1,849,980 |
| 18 |
$3,277,310 |
$1,172,935
$163,866 |
$1,940,509 |
| 19 |
$3,441,185 |
$1,233,569
$172,059 |
$2,035,557 |
| 20 |
$3,613,230 |
$1,297,225
$180,662 |
$2,135,343 |
| 21 |
$3,793,920 |
$1,364,081
$189,696 |
$2,240,143 |
| 22 |
$3,983,635 |
$1,434,275
$199,182 |
$2,350,178 |
| 23 |
$4,182,755 |
$1,507,950
$209,138 |
$2,465,667 |
| 24 |
$4,391,945 |
$1,585,350
$219,597 |
$2,586,998 |
| 25 |
$4,611,490 |
$1,666,582
$230,575 |
$2,714,333 |
| 26 |
$4,842,150 |
$1,751,926
$242,108 |
$2,848,116 |
| 27 |
$5,084,210 |
$1,841,488
$254,211 |
$2,988,511 |
| 28 |
$5,338,430 |
$1,935,549
$266,922 |
$3,135,959 |
| 29 |
$5,605,380 |
$2,034,321
$280,269 |
$3,290,790 |
| 30 |
$5,885,630 |
$2,138,013
$294,282 |
$3,453,335 |
|
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