The jackpot for the MEGA Millions draw on Tue Apr 1, 2025, is projected to be $29 Million, with an option for a cash payout of $13.3 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 1, 2025 |
|---|
| Draw Date | Tue Apr 1, 2025 | | Projected Jackpot | $29,000,000 | | Cash Value | $13,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $13,300,000 | | Federal Tax(24%) | $3,192,000 | | Additional Federal Tax | $1,689,330 | | State Tax(5%) | $665,000 | | Net Lumpsum Payment | $7,753,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$436,479 |
$121,828
$21,824 |
$292,827 |
| 2 |
$458,316 |
$129,907
$22,916 |
$305,493 |
| 3 |
$481,226 |
$138,384
$24,061 |
$318,781 |
| 4 |
$505,296 |
$147,290
$25,265 |
$332,741 |
| 5 |
$530,555 |
$156,636
$26,528 |
$347,391 |
| 6 |
$557,090 |
$166,454
$27,855 |
$362,781 |
| 7 |
$584,930 |
$176,754
$29,247 |
$378,929 |
| 8 |
$614,191 |
$187,581
$30,710 |
$395,900 |
| 9 |
$644,902 |
$198,944
$32,245 |
$413,713 |
| 10 |
$677,150 |
$210,876
$33,858 |
$432,416 |
| 11 |
$710,993 |
$223,398
$35,550 |
$452,045 |
| 12 |
$746,547 |
$236,553
$37,327 |
$472,667 |
| 13 |
$783,870 |
$250,362
$39,194 |
$494,314 |
| 14 |
$823,078 |
$264,869
$41,154 |
$517,055 |
| 15 |
$864,229 |
$280,095
$43,211 |
$540,923 |
| 16 |
$907,439 |
$296,083
$45,372 |
$565,984 |
| 17 |
$952,795 |
$312,865
$47,640 |
$592,290 |
| 18 |
$1,000,442 |
$330,494
$50,022 |
$619,926 |
| 19 |
$1,050,467 |
$349,003
$52,523 |
$648,941 |
| 20 |
$1,102,986 |
$368,435
$55,149 |
$679,402 |
| 21 |
$1,158,144 |
$388,844
$57,907 |
$711,393 |
| 22 |
$1,216,057 |
$410,271
$60,803 |
$744,983 |
| 23 |
$1,276,841 |
$432,762
$63,842 |
$780,237 |
| 24 |
$1,340,699 |
$456,389
$67,035 |
$817,275 |
| 25 |
$1,407,718 |
$481,186
$70,386 |
$856,146 |
| 26 |
$1,478,130 |
$507,238
$73,907 |
$896,985 |
| 27 |
$1,552,022 |
$534,579
$77,601 |
$939,842 |
| 28 |
$1,629,626 |
$563,292
$81,481 |
$984,853 |
| 29 |
$1,711,116 |
$593,443
$85,556 |
$1,032,117 |
| 30 |
$1,796,666 |
$625,097
$89,833 |
$1,081,736 |
|
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