The jackpot for the MEGA Millions draw on Tue Sep 8, 2026, is projected to be $193 Million, with an option for a cash payout of $82.8 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 Sep 8, 2026 |
|---|
| Draw Date | Tue Sep 8, 2026 | | Projected Jackpot | $193,000,000 | | Cash Value | $82,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $82,800,000 | | Federal Tax(24%) | $19,872,000 | | Additional Federal Tax | $10,724,330 | | State Tax(5%) | $4,140,000 | | Net Lumpsum Payment | $48,063,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,904,843 |
$1,035,122
$145,242 |
$1,724,479 |
| 2 |
$3,050,172 |
$1,088,894
$152,509 |
$1,808,769 |
| 3 |
$3,202,642 |
$1,145,308
$160,132 |
$1,897,202 |
| 4 |
$3,362,832 |
$1,204,578
$168,142 |
$1,990,112 |
| 5 |
$3,530,935 |
$1,266,776
$176,547 |
$2,087,612 |
| 6 |
$3,707,530 |
$1,332,116
$185,377 |
$2,190,037 |
| 7 |
$3,892,810 |
$1,400,670
$194,641 |
$2,297,499 |
| 8 |
$4,087,547 |
$1,472,723
$204,377 |
$2,410,447 |
| 9 |
$4,291,934 |
$1,548,346
$214,597 |
$2,528,991 |
| 10 |
$4,506,550 |
$1,627,754
$225,328 |
$2,653,468 |
| 11 |
$4,731,781 |
$1,711,089
$236,589 |
$2,784,103 |
| 12 |
$4,968,399 |
$1,798,638
$248,420 |
$2,921,341 |
| 13 |
$5,216,790 |
$1,890,543
$260,840 |
$3,065,407 |
| 14 |
$5,477,726 |
$1,987,089
$273,886 |
$3,216,751 |
| 15 |
$5,751,593 |
$2,088,420
$287,580 |
$3,375,593 |
| 16 |
$6,039,163 |
$2,194,821
$301,958 |
$3,542,384 |
| 17 |
$6,341,015 |
$2,306,506
$317,051 |
$3,717,458 |
| 18 |
$6,658,114 |
$2,423,833
$332,906 |
$3,901,375 |
| 19 |
$6,991,039 |
$2,547,015
$349,552 |
$4,094,472 |
| 20 |
$7,340,562 |
$2,676,338
$367,028 |
$4,297,196 |
| 21 |
$7,707,648 |
$2,812,160
$385,382 |
$4,510,106 |
| 22 |
$8,093,069 |
$2,954,766
$404,653 |
$4,733,650 |
| 23 |
$8,497,597 |
$3,104,441
$424,880 |
$4,968,276 |
| 24 |
$8,922,583 |
$3,261,686
$446,129 |
$5,214,768 |
| 25 |
$9,368,606 |
$3,426,715
$468,430 |
$5,473,461 |
| 26 |
$9,837,210 |
$3,600,098
$491,861 |
$5,745,251 |
| 27 |
$10,328,974 |
$3,782,051
$516,449 |
$6,030,474 |
| 28 |
$10,845,442 |
$3,973,144
$542,272 |
$6,330,026 |
| 29 |
$11,387,772 |
$4,173,806
$569,389 |
$6,644,577 |
| 30 |
$11,957,122 |
$4,384,466
$597,856 |
$6,974,800 |
|
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