The jackpot for the MEGA Millions draw on Tue Jan 20, 2026, is projected to be $250 Million, with an option for a cash payout of $113.5 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 Jan 20, 2026 |
|---|
| Draw Date | Tue Jan 20, 2026 | | Projected Jackpot | $250,000,000 | | Cash Value | $113,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $113,500,000 | | Federal Tax(24%) | $27,240,000 | | Additional Federal Tax | $14,715,330 | | State Tax(5%) | $5,675,000 | | Net Lumpsum Payment | $65,869,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,762,750 |
$1,352,548
$188,138 |
$2,222,064 |
| 2 |
$3,951,000 |
$1,422,200
$197,550 |
$2,331,250 |
| 3 |
$4,148,500 |
$1,495,275
$207,425 |
$2,445,800 |
| 4 |
$4,356,000 |
$1,572,050
$217,800 |
$2,566,150 |
| 5 |
$4,573,750 |
$1,652,618
$228,688 |
$2,692,444 |
| 6 |
$4,802,500 |
$1,737,255
$240,125 |
$2,825,120 |
| 7 |
$5,042,500 |
$1,826,055
$252,125 |
$2,964,320 |
| 8 |
$5,294,750 |
$1,919,388
$264,738 |
$3,110,624 |
| 9 |
$5,559,500 |
$2,017,345
$277,975 |
$3,264,180 |
| 10 |
$5,837,500 |
$2,120,205
$291,875 |
$3,425,420 |
| 11 |
$6,129,250 |
$2,228,153
$306,463 |
$3,594,634 |
| 12 |
$6,435,750 |
$2,341,558
$321,788 |
$3,772,404 |
| 13 |
$6,757,500 |
$2,460,605
$337,875 |
$3,959,020 |
| 14 |
$7,095,500 |
$2,585,665
$354,775 |
$4,155,060 |
| 15 |
$7,450,250 |
$2,716,923
$372,513 |
$4,360,814 |
| 16 |
$7,822,750 |
$2,854,748
$391,138 |
$4,576,864 |
| 17 |
$8,213,750 |
$2,999,418
$410,688 |
$4,803,644 |
| 18 |
$8,624,500 |
$3,151,395
$431,225 |
$5,041,880 |
| 19 |
$9,055,750 |
$3,310,958
$452,788 |
$5,292,004 |
| 20 |
$9,508,500 |
$3,478,475
$475,425 |
$5,554,600 |
| 21 |
$9,984,000 |
$3,654,410
$499,200 |
$5,830,390 |
| 22 |
$10,483,250 |
$3,839,133
$524,163 |
$6,119,954 |
| 23 |
$11,007,250 |
$4,033,013
$550,363 |
$6,423,874 |
| 24 |
$11,557,750 |
$4,236,698
$577,888 |
$6,743,164 |
| 25 |
$12,135,500 |
$4,450,465
$606,775 |
$7,078,260 |
| 26 |
$12,742,500 |
$4,675,055
$637,125 |
$7,430,320 |
| 27 |
$13,379,500 |
$4,910,745
$668,975 |
$7,799,780 |
| 28 |
$14,048,500 |
$5,158,275
$702,425 |
$8,187,800 |
| 29 |
$14,751,000 |
$5,418,200
$737,550 |
$8,595,250 |
| 30 |
$15,488,500 |
$5,691,075
$774,425 |
$9,023,000 |
|
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