The jackpot for the MEGA Millions draw on Fri Nov 15, 2024, is projected to be $387 Million, with an option for a cash payout of $181.4 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 Fri Nov 15, 2024 |
|---|
| Draw Date | Fri Nov 15, 2024 | | Projected Jackpot | $387,000,000 | | Cash Value | $181,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $181,400,000 | | Federal Tax(24%) | $43,536,000 | | Additional Federal Tax | $23,542,330 | | State Tax(5%) | $9,070,000 | | Net Lumpsum Payment | $105,251,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,824,737 |
$2,115,483
$291,237 |
$3,418,017 |
| 2 |
$6,116,148 |
$2,223,305
$305,807 |
$3,587,036 |
| 3 |
$6,421,878 |
$2,336,425
$321,094 |
$3,764,359 |
| 4 |
$6,743,088 |
$2,455,273
$337,154 |
$3,950,661 |
| 5 |
$7,080,165 |
$2,579,991
$354,008 |
$4,146,166 |
| 6 |
$7,434,270 |
$2,711,010
$371,714 |
$4,351,546 |
| 7 |
$7,805,790 |
$2,848,473
$390,290 |
$4,567,027 |
| 8 |
$8,196,273 |
$2,992,951
$409,814 |
$4,793,508 |
| 9 |
$8,606,106 |
$3,144,590
$430,305 |
$5,031,211 |
| 10 |
$9,036,450 |
$3,303,817
$451,823 |
$5,280,810 |
| 11 |
$9,488,079 |
$3,470,920
$474,404 |
$5,542,755 |
| 12 |
$9,962,541 |
$3,646,471
$498,127 |
$5,817,943 |
| 13 |
$10,460,610 |
$3,830,756
$523,031 |
$6,106,823 |
| 14 |
$10,983,834 |
$4,024,349
$549,192 |
$6,410,293 |
| 15 |
$11,532,987 |
$4,227,536
$576,649 |
$6,728,802 |
| 16 |
$12,109,617 |
$4,440,889
$605,481 |
$7,063,247 |
| 17 |
$12,714,885 |
$4,664,838
$635,744 |
$7,414,303 |
| 18 |
$13,350,726 |
$4,900,099
$667,536 |
$7,783,091 |
| 19 |
$14,018,301 |
$5,147,102
$700,915 |
$8,170,284 |
| 20 |
$14,719,158 |
$5,406,419
$735,958 |
$8,576,781 |
| 21 |
$15,455,232 |
$5,678,766
$772,762 |
$9,003,704 |
| 22 |
$16,228,071 |
$5,964,717
$811,404 |
$9,451,950 |
| 23 |
$17,039,223 |
$6,264,843
$851,961 |
$9,922,419 |
| 24 |
$17,891,397 |
$6,580,147
$894,570 |
$10,416,680 |
| 25 |
$18,785,754 |
$6,911,059
$939,288 |
$10,935,407 |
| 26 |
$19,725,390 |
$7,258,725
$986,270 |
$11,480,395 |
| 27 |
$20,711,466 |
$7,623,573
$1,035,573 |
$12,052,320 |
| 28 |
$21,747,078 |
$8,006,749
$1,087,354 |
$12,652,975 |
| 29 |
$22,834,548 |
$8,409,113
$1,141,727 |
$13,283,708 |
| 30 |
$23,976,198 |
$8,831,524
$1,198,810 |
$13,945,864 |
|
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