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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 $90,000,000 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 23, 2019
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$67,731$961,787
2$1,422,361$341,367$71,118$1,009,876
3$1,493,479$358,435$74,674$1,060,370
4$1,568,153$376,357$78,408$1,113,388
5$1,646,560$395,174$82,328$1,169,058
6$1,728,888$414,933$86,444$1,227,511
7$1,815,333$435,680$90,767$1,288,886
8$1,906,099$457,464$95,305$1,353,330
9$2,001,404$480,337$100,070$1,420,997
10$2,101,474$504,354$105,074$1,492,047
11$2,206,548$529,572$110,327$1,566,649
12$2,316,876$556,050$115,844$1,644,982
13$2,432,719$583,853$121,636$1,727,231
14$2,554,355$613,045$127,718$1,813,592
15$2,682,073$643,698$134,104$1,904,272
16$2,816,177$675,882$140,809$1,999,486
17$2,956,986$709,677$147,849$2,099,460
18$3,104,835$745,160$155,242$2,204,433
19$3,260,077$782,418$163,004$2,314,654
20$3,423,080$821,539$171,154$2,430,387
21$3,594,234$862,616$179,712$2,551,906
22$3,773,946$905,747$188,697$2,679,502
23$3,962,643$951,034$198,132$2,813,477
24$4,160,776$998,586$208,039$2,954,151
25$4,368,814$1,048,515$218,441$3,101,858
26$4,587,255$1,100,941$229,363$3,256,951
27$4,816,618$1,155,988$240,831$3,419,799
28$5,057,449$1,213,788$252,872$3,590,789
29$5,310,321$1,274,477$265,516$3,770,328
30$5,575,837$1,338,201$278,792$3,958,844
Total$90,000,000$21,600,000$4,500,000$63,900,000
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