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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 $31,000,000 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, Aug 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$23,330$331,282
2$489,924$117,582$24,496$347,846
3$514,420$123,461$25,721$365,238
4$540,141$129,634$27,007$383,500
5$567,149$136,116$28,357$402,675
6$595,506$142,921$29,775$422,809
7$625,281$150,068$31,264$443,950
8$656,545$157,571$32,827$466,147
9$689,373$165,449$34,469$489,455
10$723,841$173,722$36,192$513,927
11$760,033$182,408$38,002$539,624
12$798,035$191,528$39,902$566,605
13$837,937$201,105$41,897$594,935
14$879,834$211,160$43,992$624,682
15$923,825$221,718$46,191$655,916
16$970,016$232,804$48,501$688,712
17$1,018,517$244,444$50,926$723,147
18$1,069,443$256,666$53,472$759,305
19$1,122,915$269,500$56,146$797,270
20$1,179,061$282,975$58,953$837,133
21$1,238,014$297,123$61,901$878,990
22$1,299,915$311,980$64,996$922,939
23$1,364,911$327,579$68,246$969,086
24$1,433,156$343,957$71,658$1,017,541
25$1,504,814$361,155$75,241$1,068,418
26$1,580,055$379,213$79,003$1,121,839
27$1,659,057$398,174$82,953$1,177,931
28$1,742,010$418,082$87,101$1,236,827
29$1,829,111$438,987$91,456$1,298,669
30$1,920,566$460,936$96,028$1,363,602
Total$31,000,000$7,440,000$1,550,000$22,010,000
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