Millionaire for Life prizes
| Top prize (5 + Millionaire Ball) | $1,000,000 a year for life, or $18,000,000 cash |
|---|---|
| Second prize (5 white balls) | $100,000 a year for life, or $2,200,000 cash |
| Guaranteed payments | 20 years |
| Ticket price | $5 |
| Drawings | Every night at 11:15 p.m. ET |
| First drawing | February 22, 2026 |
Latest results: Millionaire for Life winning numbers. Sources: Millionaire for Life game rules (Iowa Lottery, effective February 22, 2026) and the launch announcement. All amounts are before taxes.
How the Millionaire for Life payout works
Winners of the top two prizes choose between annual payments and a one-time cash payment. Annual payments last for 20 years or for the winner's life, whichever is longer. If the winner dies within the first 20 years, the remaining guaranteed payments go to the winner's estate or beneficiary. After year 20, payments continue only while the winner is alive.
Some winners are paid for a fixed 20 years instead of for life: a company, trust or other entity, more than one person claiming the same ticket, and minors. If more than one ticket wins the top prize in the same drawing, the annual amount is divided among the winning tickets.
Millionaire for Life taxes
Each annual payment is taxable income in the year it arrives. For a single winner in Tennessee, which has no state income tax, $1 million a year leaves about $680,000 after federal tax, while the $18,000,000 cash option leaves about $11,390,000. In New York City, with state and city tax, the cash option leaves about $8,903,731. The second prize's $2,200,000 cash option leaves about $1,436,000 in Tennessee.
Cash or $1 million a year?
After tax, the annual payments overtake the cash option after about 17 years for a single winner in Tennessee. In today's money, discounting each payment at 4% a year, it takes about 27 years. Change the years you expect to collect and the discount rate above to compare for your own situation; the calculator shows the numbers, not which option to choose.
Millionaire for Life is sold in 31 jurisdictions: Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Mississippi, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Tennessee, Vermont, Virginia, West Virginia and Wyoming. For jackpots paid over 30 years, see the lottery annuity calculator.
Common questions
How much is the Millionaire for Life cash option?
The top prize's cash option is $18,000,000 before taxes, instead of $1,000,000 a year for life. A single winner with no state income tax would keep about $11,390,000 after federal tax. The second prize's cash option is $2,200,000.
What happens if a Millionaire for Life winner dies?
If the winner dies during the first 20 years, the remaining guaranteed annual payments are paid to the winner's estate or beneficiary. If the winner dies after collecting 20 payments, no further payments are made. Winners who take the cash option receive everything at once.
How much is $1 million a year after taxes?
For a single filer with no other income, $1 million a year leaves about $680,000 a year after 2026 federal tax. State tax lowers that further in most states — about $575,479 a year in New York City.
Where can you play Millionaire for Life?
It is sold in 31 jurisdictions, including Arkansas, Colorado, Connecticut, District of Columbia, Georgia and Idaho, at $5 a play with drawings every night. Prizes must be claimed in the state where the ticket was bought.