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Mega Millions Annuity Jackpot Analysis for Iowa

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $212,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Fri, Apr 26, 2019
Jackpot:$212,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,190,904$765,817$159,545$2,265,542
2$3,350,449$804,108$167,522$2,378,819
3$3,517,972$844,313$175,899$2,497,760
4$3,693,871$886,529$184,694$2,622,648
5$3,878,564$930,855$193,928$2,753,780
6$4,072,492$977,398$203,625$2,891,469
7$4,276,117$1,026,268$213,806$3,036,043
8$4,489,923$1,077,581$224,496$3,187,845
9$4,714,419$1,131,461$235,721$3,347,237
10$4,950,140$1,188,034$247,507$3,514,599
11$5,197,647$1,247,435$259,882$3,690,329
12$5,457,529$1,309,807$272,876$3,874,846
13$5,730,406$1,375,297$286,520$4,068,588
14$6,016,926$1,444,062$300,846$4,272,017
15$6,317,772$1,516,265$315,889$4,485,618
16$6,633,661$1,592,079$331,683$4,709,899
17$6,965,344$1,671,682$348,267$4,945,394
18$7,313,611$1,755,267$365,681$5,192,664
19$7,679,291$1,843,030$383,965$5,452,297
20$8,063,256$1,935,181$403,163$5,724,912
21$8,466,419$2,031,941$423,321$6,011,157
22$8,889,740$2,133,538$444,487$6,311,715
23$9,334,227$2,240,214$466,711$6,627,301
24$9,800,938$2,352,225$490,047$6,958,666
25$10,290,985$2,469,836$514,549$7,306,599
26$10,805,534$2,593,328$540,277$7,671,929
27$11,345,811$2,722,995$567,291$8,055,526
28$11,913,102$2,859,144$595,655$8,458,302
29$12,508,757$3,002,102$625,438$8,881,217
30$13,134,195$3,152,207$656,710$9,325,278
Total$212,000,000$50,880,000$10,600,000$150,520,000
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