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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 $60,000,000 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:  Tue, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$45,154$641,191
2$948,240$227,578$47,412$673,251
3$995,652$238,957$49,783$706,913
4$1,045,435$250,904$52,272$742,259
5$1,097,707$263,450$54,885$779,372
6$1,152,592$276,622$57,630$818,340
7$1,210,222$290,453$60,511$859,257
8$1,270,733$304,976$63,537$902,220
9$1,334,270$320,225$66,713$947,331
10$1,400,983$336,236$70,049$994,698
11$1,471,032$353,048$73,552$1,044,433
12$1,544,584$370,700$77,229$1,096,654
13$1,621,813$389,235$81,091$1,151,487
14$1,702,904$408,697$85,145$1,209,062
15$1,788,049$429,132$89,402$1,269,515
16$1,877,451$450,588$93,873$1,332,990
17$1,971,324$473,118$98,566$1,399,640
18$2,069,890$496,774$103,494$1,469,622
19$2,173,384$521,612$108,669$1,543,103
20$2,282,054$547,693$114,103$1,620,258
21$2,396,156$575,078$119,808$1,701,271
22$2,515,964$603,831$125,798$1,786,335
23$2,641,762$634,023$132,088$1,875,651
24$2,773,850$665,724$138,693$1,969,434
25$2,912,543$699,010$145,627$2,067,905
26$3,058,170$733,961$152,909$2,171,301
27$3,211,079$770,659$160,554$2,279,866
28$3,371,633$809,192$168,582$2,393,859
29$3,540,214$849,651$177,011$2,513,552
30$3,717,225$892,134$185,861$2,639,230
Total$60,000,000$14,400,000$3,000,000$42,600,000
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