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Mega Millions Annuity Jackpot Analysis for Iowa (Oct. 16, 2018 Drawing)

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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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$501,965$7,127,908
2$10,541,273$2,529,905$527,064$7,484,304
3$11,068,336$2,656,401$553,417$7,858,519
4$11,621,753$2,789,221$581,088$8,251,445
5$12,202,840$2,928,682$610,142$8,664,017
6$12,812,983$3,075,116$640,649$9,097,218
7$13,453,632$3,228,872$672,682$9,552,079
8$14,126,314$3,390,315$706,316$10,029,683
9$14,832,629$3,559,831$741,631$10,531,167
10$15,574,261$3,737,823$778,713$11,057,725
11$16,352,974$3,924,714$817,649$11,610,611
12$17,170,622$4,120,949$858,531$12,191,142
13$18,029,153$4,326,997$901,458$12,800,699
14$18,930,611$4,543,347$946,531$13,440,734
15$19,877,142$4,770,514$993,857$14,112,771
16$20,870,999$5,009,040$1,043,550$14,818,409
17$21,914,548$5,259,492$1,095,727$15,559,329
18$23,010,276$5,522,466$1,150,514$16,337,296
19$24,160,790$5,798,590$1,208,039$17,154,161
20$25,368,829$6,088,519$1,268,441$18,011,869
21$26,637,271$6,392,945$1,331,864$18,912,462
22$27,969,134$6,712,592$1,398,457$19,858,085
23$29,367,591$7,048,222$1,468,380$20,850,990
24$30,835,970$7,400,633$1,541,799$21,893,539
25$32,377,769$7,770,665$1,618,888$22,988,216
26$33,996,658$8,159,198$1,699,833$24,137,627
27$35,696,491$8,567,158$1,784,825$25,344,508
28$37,481,315$8,995,516$1,874,066$26,611,733
29$39,355,381$9,445,291$1,967,769$27,942,320
30$41,323,150$9,917,556$2,066,157$29,339,436
Total$667,000,001$160,080,000$33,350,000$473,570,001
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