The jackpot for the MEGA Millions draw on Fri Oct 16, 2026, is projected to be $403 Million, with an option for a cash payout of $162.1 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 Oct 16, 2026 |
|---|
| Draw Date | Fri Oct 16, 2026 | | Projected Jackpot | $403,000,000 | | Cash Value | $162,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $162,100,000 | | Federal Tax(24%) | $38,904,000 | | Additional Federal Tax | $21,033,330 | | State Tax(5%) | $8,105,000 | | Net Lumpsum Payment | $94,057,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,065,553 |
$2,204,585
$303,278 |
$3,557,690 |
| 2 |
$6,369,012 |
$2,316,865
$318,451 |
$3,733,696 |
| 3 |
$6,687,382 |
$2,434,662
$334,369 |
$3,918,351 |
| 4 |
$7,021,872 |
$2,558,423
$351,094 |
$4,112,355 |
| 5 |
$7,372,885 |
$2,688,298
$368,644 |
$4,315,943 |
| 6 |
$7,741,630 |
$2,824,733
$387,082 |
$4,529,815 |
| 7 |
$8,128,510 |
$2,967,879
$406,426 |
$4,754,205 |
| 8 |
$8,535,137 |
$3,118,331
$426,757 |
$4,990,049 |
| 9 |
$8,961,914 |
$3,276,239
$448,096 |
$5,237,579 |
| 10 |
$9,410,050 |
$3,442,049
$470,503 |
$5,497,498 |
| 11 |
$9,880,351 |
$3,616,060
$494,018 |
$5,770,273 |
| 12 |
$10,374,429 |
$3,798,869
$518,721 |
$6,056,839 |
| 13 |
$10,893,090 |
$3,990,774
$544,655 |
$6,357,661 |
| 14 |
$11,437,946 |
$4,192,370
$571,897 |
$6,673,679 |
| 15 |
$12,009,803 |
$4,403,957
$600,490 |
$7,005,356 |
| 16 |
$12,610,273 |
$4,626,131
$630,514 |
$7,353,628 |
| 17 |
$13,240,565 |
$4,859,339
$662,028 |
$7,719,198 |
| 18 |
$13,902,694 |
$5,104,327
$695,135 |
$8,103,232 |
| 19 |
$14,597,869 |
$5,361,542
$729,893 |
$8,506,434 |
| 20 |
$15,327,702 |
$5,631,580
$766,385 |
$8,929,737 |
| 21 |
$16,094,208 |
$5,915,187
$804,710 |
$9,374,311 |
| 22 |
$16,898,999 |
$6,212,960
$844,950 |
$9,841,089 |
| 23 |
$17,743,687 |
$6,525,495
$887,184 |
$10,331,008 |
| 24 |
$18,631,093 |
$6,853,835
$931,555 |
$10,845,703 |
| 25 |
$19,562,426 |
$7,198,428
$978,121 |
$11,385,877 |
| 26 |
$20,540,910 |
$7,560,467
$1,027,046 |
$11,953,397 |
| 27 |
$21,567,754 |
$7,940,399
$1,078,388 |
$12,548,967 |
| 28 |
$22,646,182 |
$8,339,418
$1,132,309 |
$13,174,455 |
| 29 |
$23,778,612 |
$8,758,417
$1,188,931 |
$13,831,264 |
| 30 |
$24,967,462 |
$9,198,291
$1,248,373 |
$14,520,798 |
|
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