Mega Millions jackpot jumps to $640 million - KWWL - Eastern Iowa Breaking News, Weather, Closings

Mega Millions jackpot jumps to $640 million


Iowa Lottery officials confirm the Mega Millions jackpot has risen again.

The estimated jackpot for Friday's drawing is now at $640 million. The cash option is estimated at $462 million.  

Tickets for Friday's drawing can be bought until 8:59 p.m. Central time. Lottery officials say each ticket now includes the message, "WORLD'S LARGEST JACKPOT." 

A single winner who chooses the annuity option would receive $24.6 million dollars per year for 26 years. $6.15 million would go to federal tax withholding, $1.23 million to state tax withholding, leaving a net annual payment of $17.22 million.

If the winner chooses the cash option, they would receive a one time payment of $462 million. Federal withholding would be $115.5, state withholding would be $23.1 leaving the winner with $323.4 million single payment.

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