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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 $109,000,000 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, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$82,030$1,164,831
2$1,722,637$413,433$86,132$1,223,072
3$1,808,769$434,104$90,438$1,284,226
4$1,899,207$455,810$94,960$1,348,437
5$1,994,167$478,600$99,708$1,415,859
6$2,093,876$502,530$104,694$1,486,652
7$2,198,570$527,657$109,928$1,560,984
8$2,308,498$554,040$115,425$1,639,034
9$2,423,923$581,742$121,196$1,720,985
10$2,545,119$610,829$127,256$1,807,035
11$2,672,375$641,370$133,619$1,897,386
12$2,805,994$673,439$140,300$1,992,256
13$2,946,293$707,110$147,315$2,091,868
14$3,093,608$742,466$154,680$2,196,462
15$3,248,289$779,589$162,414$2,306,285
16$3,410,703$818,569$170,535$2,421,599
17$3,581,238$859,497$179,062$2,542,679
18$3,760,300$902,472$188,015$2,669,813
19$3,948,315$947,596$197,416$2,803,304
20$4,145,731$994,975$207,287$2,943,469
21$4,353,017$1,044,724$217,651$3,090,642
22$4,570,668$1,096,960$228,533$3,245,174
23$4,799,202$1,151,808$239,960$3,407,433
24$5,039,162$1,209,399$251,958$3,577,805
25$5,291,120$1,269,869$264,556$3,756,695
26$5,555,676$1,333,362$277,784$3,944,530
27$5,833,459$1,400,030$291,673$4,141,756
28$6,125,132$1,470,032$306,257$4,348,844
29$6,431,389$1,543,533$321,569$4,566,286
30$6,752,959$1,620,710$337,648$4,794,601
Total$109,000,000$26,160,000$5,450,000$77,390,000
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