Mega Millions mega jackpot fast facts
A total of 48,996 plays purchased by Iowa Lottery players won prizes in Tuesday’s Mega Millions drawing, with amounts ranging from $2 up to $30,000.
The winning numbers in Tuesday’s drawing were: 7-29-60-63-66 and Mega Ball 15. The Megaplier® number was 3.
Three Iowa tickets were just one number away from having at least a share of Tuesday’s giant prize. They each matched four of the five white balls and the Mega Ball to win a $10,000 prize. The Megaplier option was added to one of the plays, which multiplied that prize to $30,000. The $10,000-winning tickets were purchased at a Kum & Go in Marion and a Kwik Stop in Peosta. The $30,000-winning ticket was purchased at a Casey’s in Council Bluffs.
For years, when a jackpot would reach into the billions of dollars, the Iowa Lottery’s jackpot signs in retail locations couldn’t display amounts that large. The signs would display the current jackpot amount until it topped $999 million, then the signs would continue to display that total until the jackpot was won and returned to its starting amount. When the Iowa Lottery upgraded its statewide gaming system last September, it also replaced its jackpot signs in retail locations. This is the first time that the “billions” option has been used on the signs since they were installed last year.
Cash vs. Annuity – And Taxes
If a winner chooses the annuity option for Friday’s jackpot, currently estimated at $1.28 billion, they would receive 30 payments over 29 years. The cash on hand in the jackpot pool from the sale of tickets in the game is invested in securities, and the winner receives payments over time. The initial amount invested plus the interest generated from the investment adds up to the annuity amount of the jackpot. Withholdings are applied to each payment that the winner receives. If a winner were to die before receiving all their payments, the money would go into that person’s estate. The lottery would make future payments as determined by the estate or the court.
If a jackpot winner were to choose the cash option for Friday’s prize, currently estimated more than $650 million, they would receive the lump-sum amount in the jackpot pool from the sale of tickets in the game. There is no interest income involved because the money is not invested. The winner receives the lump-sum amount in one payment, with withholdings applied to that entire amount.
In Iowa, 24% federal withholding applies to a jackpot prize, along with five percent state withholding. Withholdings are automatically applied before the payment is made to the winner and cannot be modified or waived.
Withholdings are designed to cover the jackpot winner’s tax liability from winning a large lottery prize. The total taxes a winner would owe depends upon their individual financial circumstances outside of winning the lottery. In some instances, the withholding is not enough, in other instances, it’s too much. The details would be sorted out in the winner’s income-tax filing for the year. This is why the Iowa Lottery always encourages its winners to consult a lawyer or financial planner before they claim their prize.
Easy Pick vs. Picking Your Own Numbers
Most tickets purchased in games like Mega Millions and Powerball® are easy-pick plays, which means the lottery terminal assigns the numbers printed on the ticket. About 94% of the plays purchased in Iowa for Tuesday’s Mega Millions drawing were easy picks.
Players also can choose their own numbers. They choose five numbers from a pool of 1 to 70 and one Mega Ball number from a separate pool of 25.
A player wins the jackpot by matching all six winning numbers in a Mega Millions drawing. There are a total of nine prize levels in Mega Millions, ranging from $2 up to the jackpot, so the Iowa Lottery reminds its players to be sure to check their tickets for all the prizes they may have won.
The Iowa Lottery encourages everyone to remember that it only takes one ticket to win. Please play responsibly.
