The jackpot for the MEGA Millions draw on Tue May 21, 2024, is projected to be $421 Million, with an option for a cash payout of $195.9 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 Tue May 21, 2024 |
|---|
| Draw Date | Tue May 21, 2024 | | Projected Jackpot | $421,000,000 | | Cash Value | $195,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $195,900,000 | | Federal Tax(24%) | $47,016,000 | | Additional Federal Tax | $25,427,330 | | State Tax(5%) | $9,795,000 | | Net Lumpsum Payment | $113,661,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,336,471 |
$2,304,825
$316,824 |
$3,714,822 |
| 2 |
$6,653,484 |
$2,422,119
$332,674 |
$3,898,691 |
| 3 |
$6,986,074 |
$2,545,178
$349,304 |
$4,091,592 |
| 4 |
$7,335,504 |
$2,674,467
$366,775 |
$4,294,262 |
| 5 |
$7,702,195 |
$2,810,143
$385,110 |
$4,506,942 |
| 6 |
$8,087,410 |
$2,952,672
$404,371 |
$4,730,367 |
| 7 |
$8,491,570 |
$3,102,211
$424,579 |
$4,964,780 |
| 8 |
$8,916,359 |
$3,259,383
$445,818 |
$5,211,158 |
| 9 |
$9,362,198 |
$3,424,344
$468,110 |
$5,469,744 |
| 10 |
$9,830,350 |
$3,597,560
$491,518 |
$5,741,272 |
| 11 |
$10,321,657 |
$3,779,343
$516,083 |
$6,026,231 |
| 12 |
$10,837,803 |
$3,970,317
$541,890 |
$6,325,596 |
| 13 |
$11,379,630 |
$4,170,793
$568,982 |
$6,639,855 |
| 14 |
$11,948,822 |
$4,381,395
$597,441 |
$6,969,986 |
| 15 |
$12,546,221 |
$4,602,432
$627,311 |
$7,316,478 |
| 16 |
$13,173,511 |
$4,834,529
$658,676 |
$7,680,306 |
| 17 |
$13,831,955 |
$5,078,154
$691,598 |
$8,062,203 |
| 18 |
$14,523,658 |
$5,334,084
$726,183 |
$8,463,391 |
| 19 |
$15,249,883 |
$5,602,787
$762,494 |
$8,884,602 |
| 20 |
$16,012,314 |
$5,884,887
$800,616 |
$9,326,811 |
| 21 |
$16,813,056 |
$6,181,161
$840,653 |
$9,791,242 |
| 22 |
$17,653,793 |
$6,492,234
$882,690 |
$10,278,869 |
| 23 |
$18,536,209 |
$6,818,728
$926,810 |
$10,790,671 |
| 24 |
$19,463,251 |
$7,161,733
$973,163 |
$11,328,355 |
| 25 |
$20,436,182 |
$7,521,718
$1,021,809 |
$11,892,655 |
| 26 |
$21,458,370 |
$7,899,927
$1,072,919 |
$12,485,524 |
| 27 |
$22,531,078 |
$8,296,829
$1,126,554 |
$13,107,695 |
| 28 |
$23,657,674 |
$8,713,670
$1,182,884 |
$13,761,120 |
| 29 |
$24,840,684 |
$9,151,383
$1,242,034 |
$14,447,267 |
| 30 |
$26,082,634 |
$9,610,905
$1,304,132 |
$15,167,597 |
|
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