The jackpot for the MEGA Millions draw on Fri Feb 27, 2026, is projected to be $458 Million, with an option for a cash payout of $212.4 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 27, 2026 |
|---|
| Draw Date | Fri Feb 27, 2026 | | Projected Jackpot | $458,000,000 | | Cash Value | $212,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $212,400,000 | | Federal Tax(24%) | $50,976,000 | | Additional Federal Tax | $27,572,330 | | State Tax(5%) | $10,620,000 | | Net Lumpsum Payment | $123,231,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$6,893,358 |
$2,510,873
$344,668 |
$4,037,817 |
| 2 |
$7,238,232 |
$2,638,476
$361,912 |
$4,237,844 |
| 3 |
$7,600,052 |
$2,772,350
$380,003 |
$4,447,699 |
| 4 |
$7,980,192 |
$2,913,001
$399,010 |
$4,668,181 |
| 5 |
$8,379,110 |
$3,060,601
$418,956 |
$4,899,553 |
| 6 |
$8,798,180 |
$3,215,657
$439,909 |
$5,142,614 |
| 7 |
$9,237,860 |
$3,378,339
$461,893 |
$5,397,628 |
| 8 |
$9,699,982 |
$3,549,324
$484,999 |
$5,665,659 |
| 9 |
$10,185,004 |
$3,728,782
$509,250 |
$5,946,972 |
| 10 |
$10,694,300 |
$3,917,221
$534,715 |
$6,242,364 |
| 11 |
$11,228,786 |
$4,114,981
$561,439 |
$6,552,366 |
| 12 |
$11,790,294 |
$4,322,739
$589,515 |
$6,878,040 |
| 13 |
$12,379,740 |
$4,540,834
$618,987 |
$7,219,919 |
| 14 |
$12,998,956 |
$4,769,944
$649,948 |
$7,579,064 |
| 15 |
$13,648,858 |
$5,010,408
$682,443 |
$7,956,007 |
| 16 |
$14,331,278 |
$5,262,903
$716,564 |
$8,351,811 |
| 17 |
$15,047,590 |
$5,527,939
$752,380 |
$8,767,271 |
| 18 |
$15,800,084 |
$5,806,361
$790,004 |
$9,203,719 |
| 19 |
$16,590,134 |
$6,098,680
$829,507 |
$9,661,947 |
| 20 |
$17,419,572 |
$6,405,572
$870,979 |
$10,143,021 |
| 21 |
$18,290,688 |
$6,727,885
$914,534 |
$10,648,269 |
| 22 |
$19,205,314 |
$7,066,297
$960,266 |
$11,178,751 |
| 23 |
$20,165,282 |
$7,421,485
$1,008,264 |
$11,735,533 |
| 24 |
$21,173,798 |
$7,794,636
$1,058,690 |
$12,320,472 |
| 25 |
$22,232,236 |
$8,186,258
$1,111,612 |
$12,934,366 |
| 26 |
$23,344,260 |
$8,597,707
$1,167,213 |
$13,579,340 |
| 27 |
$24,511,244 |
$9,029,491
$1,225,562 |
$14,256,191 |
| 28 |
$25,736,852 |
$9,482,966
$1,286,843 |
$14,967,043 |
| 29 |
$27,023,832 |
$9,959,148
$1,351,192 |
$15,713,492 |
| 30 |
$28,374,932 |
$10,459,055
$1,418,747 |
$16,497,130 |
|
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