The jackpot for the MEGA Millions draw on Tue Apr 22, 2025, is projected to be $50 Million, with an option for a cash payout of $22.4 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 Apr 22, 2025 |
|---|
| Draw Date | Tue Apr 22, 2025 | | Projected Jackpot | $50,000,000 | | Cash Value | $22,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $22,400,000 | | Federal Tax(24%) | $5,376,000 | | Additional Federal Tax | $2,872,330 | | State Tax(5%) | $1,120,000 | | Net Lumpsum Payment | $13,031,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$752,550 |
$238,774
$37,628 |
$476,148 |
| 2 |
$790,200 |
$252,704
$39,510 |
$497,986 |
| 3 |
$829,700 |
$267,319
$41,485 |
$520,896 |
| 4 |
$871,200 |
$282,674
$43,560 |
$544,966 |
| 5 |
$914,750 |
$298,788
$45,738 |
$570,224 |
| 6 |
$960,500 |
$315,715
$48,025 |
$596,760 |
| 7 |
$1,008,500 |
$333,475
$50,425 |
$624,600 |
| 8 |
$1,058,950 |
$352,142
$52,948 |
$653,860 |
| 9 |
$1,111,900 |
$371,733
$55,595 |
$684,572 |
| 10 |
$1,167,500 |
$392,305
$58,375 |
$716,820 |
| 11 |
$1,225,850 |
$413,895
$61,293 |
$750,662 |
| 12 |
$1,287,150 |
$436,576
$64,358 |
$786,216 |
| 13 |
$1,351,500 |
$460,385
$67,575 |
$823,540 |
| 14 |
$1,419,100 |
$485,397
$70,955 |
$862,748 |
| 15 |
$1,490,050 |
$511,649
$74,503 |
$903,898 |
| 16 |
$1,564,550 |
$539,214
$78,228 |
$947,108 |
| 17 |
$1,642,750 |
$568,148
$82,138 |
$992,464 |
| 18 |
$1,724,900 |
$598,543
$86,245 |
$1,040,112 |
| 19 |
$1,811,150 |
$630,456
$90,558 |
$1,090,136 |
| 20 |
$1,901,700 |
$663,959
$95,085 |
$1,142,656 |
| 21 |
$1,996,800 |
$699,146
$99,840 |
$1,197,814 |
| 22 |
$2,096,650 |
$736,091
$104,833 |
$1,255,726 |
| 23 |
$2,201,450 |
$774,867
$110,073 |
$1,316,510 |
| 24 |
$2,311,550 |
$815,604
$115,578 |
$1,380,368 |
| 25 |
$2,427,100 |
$858,357
$121,355 |
$1,447,388 |
| 26 |
$2,548,500 |
$903,275
$127,425 |
$1,517,800 |
| 27 |
$2,675,900 |
$950,413
$133,795 |
$1,591,692 |
| 28 |
$2,809,700 |
$999,919
$140,485 |
$1,669,296 |
| 29 |
$2,950,200 |
$1,051,904
$147,510 |
$1,750,786 |
| 30 |
$3,097,700 |
$1,106,479
$154,885 |
$1,836,336 |
|
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