The jackpot for the MEGA Millions draw on Tue Apr 29, 2025, is projected to be $70 Million, with an option for a cash payout of $31.8 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 29, 2025 |
|---|
| Draw Date | Tue Apr 29, 2025 | | Projected Jackpot | $70,000,000 | | Cash Value | $31,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $31,800,000 | | Federal Tax(24%) | $7,632,000 | | Additional Federal Tax | $4,094,330 | | State Tax(5%) | $1,590,000 | | Net Lumpsum Payment | $18,483,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,053,570 |
$350,151
$52,679 |
$650,740 |
| 2 |
$1,106,280 |
$369,654
$55,314 |
$681,312 |
| 3 |
$1,161,580 |
$390,115
$58,079 |
$713,386 |
| 4 |
$1,219,680 |
$411,612
$60,984 |
$747,084 |
| 5 |
$1,280,650 |
$434,171
$64,033 |
$782,446 |
| 6 |
$1,344,700 |
$457,869
$67,235 |
$819,596 |
| 7 |
$1,411,900 |
$482,733
$70,595 |
$858,572 |
| 8 |
$1,482,530 |
$508,866
$74,127 |
$899,537 |
| 9 |
$1,556,660 |
$536,295
$77,833 |
$942,532 |
| 10 |
$1,634,500 |
$565,095
$81,725 |
$987,680 |
| 11 |
$1,716,190 |
$595,321
$85,810 |
$1,035,059 |
| 12 |
$1,802,010 |
$627,074
$90,101 |
$1,084,835 |
| 13 |
$1,892,100 |
$660,407
$94,605 |
$1,137,088 |
| 14 |
$1,986,740 |
$695,424
$99,337 |
$1,191,979 |
| 15 |
$2,086,070 |
$732,176
$104,304 |
$1,249,590 |
| 16 |
$2,190,370 |
$770,767
$109,519 |
$1,310,084 |
| 17 |
$2,299,850 |
$811,275
$114,993 |
$1,373,582 |
| 18 |
$2,414,860 |
$853,829
$120,743 |
$1,440,288 |
| 19 |
$2,535,610 |
$898,506
$126,781 |
$1,510,323 |
| 20 |
$2,662,380 |
$945,411
$133,119 |
$1,583,850 |
| 21 |
$2,795,520 |
$994,673
$139,776 |
$1,661,071 |
| 22 |
$2,935,310 |
$1,046,395
$146,766 |
$1,742,149 |
| 23 |
$3,082,030 |
$1,100,681
$154,102 |
$1,827,247 |
| 24 |
$3,236,170 |
$1,157,713
$161,809 |
$1,916,648 |
| 25 |
$3,397,940 |
$1,217,568
$169,897 |
$2,010,475 |
| 26 |
$3,567,900 |
$1,280,453
$178,395 |
$2,109,052 |
| 27 |
$3,746,260 |
$1,346,447
$187,313 |
$2,212,500 |
| 28 |
$3,933,580 |
$1,415,755
$196,679 |
$2,321,146 |
| 29 |
$4,130,280 |
$1,488,534
$206,514 |
$2,435,232 |
| 30 |
$4,336,780 |
$1,564,939
$216,839 |
$2,555,002 |
|
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