The jackpot for the MEGA Millions draw on Fri Jan 31, 2025, is projected to be $59 Million, with an option for a cash payout of $26.5 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 Jan 31, 2025 |
|---|
| Draw Date | Fri Jan 31, 2025 | | Projected Jackpot | $59,000,000 | | Cash Value | $26,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $26,500,000 | | Federal Tax(24%) | $6,360,000 | | Additional Federal Tax | $3,405,330 | | State Tax(5%) | $1,325,000 | | Net Lumpsum Payment | $15,409,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$888,009 |
$288,894
$44,400 |
$554,715 |
| 2 |
$932,436 |
$305,332
$46,622 |
$580,482 |
| 3 |
$979,046 |
$322,577
$48,952 |
$607,517 |
| 4 |
$1,028,016 |
$340,696
$51,401 |
$635,919 |
| 5 |
$1,079,405 |
$359,710
$53,970 |
$665,725 |
| 6 |
$1,133,390 |
$379,685
$56,670 |
$697,035 |
| 7 |
$1,190,030 |
$400,641
$59,502 |
$729,887 |
| 8 |
$1,249,561 |
$422,668
$62,478 |
$764,415 |
| 9 |
$1,312,042 |
$445,786
$65,602 |
$800,654 |
| 10 |
$1,377,650 |
$470,061
$68,883 |
$838,706 |
| 11 |
$1,446,503 |
$495,536
$72,325 |
$878,642 |
| 12 |
$1,518,837 |
$522,300
$75,942 |
$920,595 |
| 13 |
$1,594,770 |
$550,395
$79,739 |
$964,636 |
| 14 |
$1,674,538 |
$579,909
$83,727 |
$1,010,902 |
| 15 |
$1,758,259 |
$610,886
$87,913 |
$1,059,460 |
| 16 |
$1,846,169 |
$643,413
$92,308 |
$1,110,448 |
| 17 |
$1,938,445 |
$677,555
$96,922 |
$1,163,968 |
| 18 |
$2,035,382 |
$713,422
$101,769 |
$1,220,191 |
| 19 |
$2,137,157 |
$751,078
$106,858 |
$1,279,221 |
| 20 |
$2,244,006 |
$790,613
$112,200 |
$1,341,193 |
| 21 |
$2,356,224 |
$832,133
$117,811 |
$1,406,280 |
| 22 |
$2,474,047 |
$875,728
$123,702 |
$1,474,617 |
| 23 |
$2,597,711 |
$921,483
$129,886 |
$1,546,342 |
| 24 |
$2,727,629 |
$969,553
$136,381 |
$1,621,695 |
| 25 |
$2,863,978 |
$1,020,002
$143,199 |
$1,700,777 |
| 26 |
$3,007,230 |
$1,073,005
$150,362 |
$1,783,863 |
| 27 |
$3,157,562 |
$1,128,628
$157,878 |
$1,871,056 |
| 28 |
$3,315,446 |
$1,187,045
$165,772 |
$1,962,629 |
| 29 |
$3,481,236 |
$1,248,388
$174,062 |
$2,058,786 |
| 30 |
$3,655,286 |
$1,312,786
$182,764 |
$2,159,736 |
|
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