The jackpot for the MEGA Millions draw on Fri Nov 22, 2024, is projected to be $453 Million, with an option for a cash payout of $209.6 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 Nov 22, 2024 |
|---|
| Draw Date | Fri Nov 22, 2024 | | Projected Jackpot | $453,000,000 | | Cash Value | $209,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $209,600,000 | | Federal Tax(24%) | $50,304,000 | | Additional Federal Tax | $27,208,330 | | State Tax(5%) | $10,480,000 | | Net Lumpsum Payment | $121,607,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,818,103 |
$2,483,028
$340,905 |
$3,994,170 |
| 2 |
$7,159,212 |
$2,609,239
$357,961 |
$4,192,012 |
| 3 |
$7,517,082 |
$2,741,651
$375,854 |
$4,399,577 |
| 4 |
$7,893,072 |
$2,880,767
$394,654 |
$4,617,651 |
| 5 |
$8,287,635 |
$3,026,755
$414,382 |
$4,846,498 |
| 6 |
$8,702,130 |
$3,180,118
$435,107 |
$5,086,905 |
| 7 |
$9,137,010 |
$3,341,024
$456,851 |
$5,339,135 |
| 8 |
$9,594,087 |
$3,510,143
$479,704 |
$5,604,240 |
| 9 |
$10,073,814 |
$3,687,642
$503,691 |
$5,882,481 |
| 10 |
$10,577,550 |
$3,874,024
$528,878 |
$6,174,648 |
| 11 |
$11,106,201 |
$4,069,625
$555,310 |
$6,481,266 |
| 12 |
$11,661,579 |
$4,275,115
$583,079 |
$6,803,385 |
| 13 |
$12,244,590 |
$4,490,829
$612,230 |
$7,141,531 |
| 14 |
$12,857,046 |
$4,717,437
$642,852 |
$7,496,757 |
| 15 |
$13,499,853 |
$4,955,276
$674,993 |
$7,869,584 |
| 16 |
$14,174,823 |
$5,205,015
$708,741 |
$8,261,067 |
| 17 |
$14,883,315 |
$5,467,157
$744,166 |
$8,671,992 |
| 18 |
$15,627,594 |
$5,742,540
$781,380 |
$9,103,674 |
| 19 |
$16,409,019 |
$6,031,667
$820,451 |
$9,556,901 |
| 20 |
$17,229,402 |
$6,335,209
$861,470 |
$10,032,723 |
| 21 |
$18,091,008 |
$6,654,003
$904,550 |
$10,532,455 |
| 22 |
$18,995,649 |
$6,988,721
$949,782 |
$11,057,146 |
| 23 |
$19,945,137 |
$7,340,031
$997,257 |
$11,607,849 |
| 24 |
$20,942,643 |
$7,709,108
$1,047,132 |
$12,186,403 |
| 25 |
$21,989,526 |
$8,096,455
$1,099,476 |
$12,793,595 |
| 26 |
$23,089,410 |
$8,503,412
$1,154,471 |
$13,431,527 |
| 27 |
$24,243,654 |
$8,930,482
$1,212,183 |
$14,100,989 |
| 28 |
$25,455,882 |
$9,379,007
$1,272,794 |
$14,804,081 |
| 29 |
$26,728,812 |
$9,849,991
$1,336,441 |
$15,542,380 |
| 30 |
$28,065,162 |
$10,344,440
$1,403,258 |
$16,317,464 |
|
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