The jackpot for the MEGA Millions draw on Tue Sep 1, 2026, is projected to be $160 Million, with an option for a cash payout of $68.9 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 Sep 1, 2026 |
|---|
| Draw Date | Tue Sep 1, 2026 | | Projected Jackpot | $160,000,000 | | Cash Value | $68,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $68,900,000 | | Federal Tax(24%) | $16,536,000 | | Additional Federal Tax | $8,917,330 | | State Tax(5%) | $3,445,000 | | Net Lumpsum Payment | $40,001,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,408,160 |
$851,350
$120,408 |
$1,436,402 |
| 2 |
$2,528,640 |
$895,927
$126,432 |
$1,506,281 |
| 3 |
$2,655,040 |
$942,695
$132,752 |
$1,579,593 |
| 4 |
$2,787,840 |
$991,831
$139,392 |
$1,656,617 |
| 5 |
$2,927,200 |
$1,043,394
$146,360 |
$1,737,446 |
| 6 |
$3,073,600 |
$1,097,562
$153,680 |
$1,822,358 |
| 7 |
$3,227,200 |
$1,154,394
$161,360 |
$1,911,446 |
| 8 |
$3,388,640 |
$1,214,127
$169,432 |
$2,005,081 |
| 9 |
$3,558,080 |
$1,276,820
$177,904 |
$2,103,356 |
| 10 |
$3,736,000 |
$1,342,650
$186,800 |
$2,206,550 |
| 11 |
$3,922,720 |
$1,411,737
$196,136 |
$2,314,847 |
| 12 |
$4,118,880 |
$1,484,316
$205,944 |
$2,428,620 |
| 13 |
$4,324,800 |
$1,560,506
$216,240 |
$2,548,054 |
| 14 |
$4,541,120 |
$1,640,545
$227,056 |
$2,673,519 |
| 15 |
$4,768,160 |
$1,724,550
$238,408 |
$2,805,202 |
| 16 |
$5,006,560 |
$1,812,758
$250,328 |
$2,943,474 |
| 17 |
$5,256,800 |
$1,905,346
$262,840 |
$3,088,614 |
| 18 |
$5,519,680 |
$2,002,612
$275,984 |
$3,241,084 |
| 19 |
$5,795,680 |
$2,104,732
$289,784 |
$3,401,164 |
| 20 |
$6,085,440 |
$2,211,943
$304,272 |
$3,569,225 |
| 21 |
$6,389,760 |
$2,324,542
$319,488 |
$3,745,730 |
| 22 |
$6,709,280 |
$2,442,764
$335,464 |
$3,931,052 |
| 23 |
$7,044,640 |
$2,566,847
$352,232 |
$4,125,561 |
| 24 |
$7,396,960 |
$2,697,206
$369,848 |
$4,329,906 |
| 25 |
$7,766,720 |
$2,834,017
$388,336 |
$4,544,367 |
| 26 |
$8,155,200 |
$2,977,754
$407,760 |
$4,769,686 |
| 27 |
$8,562,880 |
$3,128,596
$428,144 |
$5,006,140 |
| 28 |
$8,991,040 |
$3,287,015
$449,552 |
$5,254,473 |
| 29 |
$9,440,640 |
$3,453,367
$472,032 |
$5,515,241 |
| 30 |
$9,912,640 |
$3,628,007
$495,632 |
$5,789,001 |
|
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