The jackpot for the MEGA Millions draw on Fri Feb 28, 2025, is projected to be $197 Million, with an option for a cash payout of $91.9 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 Feb 28, 2025 |
|---|
| Draw Date | Fri Feb 28, 2025 | | Projected Jackpot | $197,000,000 | | Cash Value | $91,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $91,900,000 | | Federal Tax(24%) | $22,056,000 | | Additional Federal Tax | $11,907,330 | | State Tax(5%) | $4,595,000 | | Net Lumpsum Payment | $53,341,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,965,047 |
$1,057,398
$148,252 |
$1,759,397 |
| 2 |
$3,113,388 |
$1,112,284
$155,669 |
$1,845,435 |
| 3 |
$3,269,018 |
$1,169,867
$163,451 |
$1,935,700 |
| 4 |
$3,432,528 |
$1,230,366
$171,626 |
$2,030,536 |
| 5 |
$3,604,115 |
$1,293,853
$180,206 |
$2,130,056 |
| 6 |
$3,784,370 |
$1,360,547
$189,219 |
$2,234,604 |
| 7 |
$3,973,490 |
$1,430,522
$198,675 |
$2,344,293 |
| 8 |
$4,172,263 |
$1,504,068
$208,613 |
$2,459,582 |
| 9 |
$4,380,886 |
$1,581,258
$219,044 |
$2,580,584 |
| 10 |
$4,599,950 |
$1,662,312
$229,998 |
$2,707,640 |
| 11 |
$4,829,849 |
$1,747,375
$241,492 |
$2,840,982 |
| 12 |
$5,071,371 |
$1,836,738
$253,569 |
$2,981,064 |
| 13 |
$5,324,910 |
$1,930,547
$266,246 |
$3,128,117 |
| 14 |
$5,591,254 |
$2,029,094
$279,563 |
$3,282,597 |
| 15 |
$5,870,797 |
$2,132,525
$293,540 |
$3,444,732 |
| 16 |
$6,164,327 |
$2,241,131
$308,216 |
$3,614,980 |
| 17 |
$6,472,435 |
$2,355,131
$323,622 |
$3,793,682 |
| 18 |
$6,796,106 |
$2,474,890
$339,805 |
$3,981,411 |
| 19 |
$7,135,931 |
$2,600,625
$356,797 |
$4,178,509 |
| 20 |
$7,492,698 |
$2,732,629
$374,635 |
$4,385,434 |
| 21 |
$7,867,392 |
$2,871,265
$393,370 |
$4,602,757 |
| 22 |
$8,260,801 |
$3,016,827
$413,040 |
$4,830,934 |
| 23 |
$8,673,713 |
$3,169,604
$433,686 |
$5,070,423 |
| 24 |
$9,107,507 |
$3,330,108
$455,375 |
$5,322,024 |
| 25 |
$9,562,774 |
$3,498,557
$478,139 |
$5,586,078 |
| 26 |
$10,041,090 |
$3,675,534
$502,055 |
$5,863,501 |
| 27 |
$10,543,046 |
$3,861,257
$527,152 |
$6,154,637 |
| 28 |
$11,070,218 |
$4,056,311
$553,511 |
$6,460,396 |
| 29 |
$11,623,788 |
$4,261,132
$581,189 |
$6,781,467 |
| 30 |
$12,204,938 |
$4,476,157
$610,247 |
$7,118,534 |
|
|
