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Mega Millions Annuity Jackpot Analysis for Iowa (Dec. 21, 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$229,534$3,259,388
2$4,820,222$1,156,853$241,011$3,422,358
3$5,061,233$1,214,696$253,062$3,593,476
4$5,314,295$1,275,431$265,715$3,773,149
5$5,580,009$1,339,202$279,000$3,961,807
6$5,859,010$1,406,162$292,951$4,159,897
7$6,151,961$1,476,471$307,598$4,367,892
8$6,459,559$1,550,294$322,978$4,586,287
9$6,782,537$1,627,809$339,127$4,815,601
10$7,121,663$1,709,199$356,083$5,056,381
11$7,477,747$1,794,659$373,887$5,309,200
12$7,851,634$1,884,392$392,582$5,574,660
13$8,244,216$1,978,612$412,211$5,853,393
14$8,656,426$2,077,542$432,821$6,146,063
15$9,089,248$2,181,419$454,462$6,453,366
16$9,543,710$2,290,490$477,186$6,776,034
17$10,020,895$2,405,015$501,045$7,114,836
18$10,521,940$2,525,266$526,097$7,470,578
19$11,048,037$2,651,529$552,402$7,844,106
20$11,600,439$2,784,105$580,022$8,236,312
21$12,180,461$2,923,311$609,023$8,648,127
22$12,789,484$3,069,476$639,474$9,080,534
23$13,428,958$3,222,950$671,448$9,534,561
24$14,100,406$3,384,097$705,020$10,011,288
25$14,805,427$3,553,302$740,271$10,511,853
26$15,545,698$3,730,968$777,285$11,037,446
27$16,322,983$3,917,516$816,149$11,589,318
28$17,139,132$4,113,392$856,957$12,168,784
29$17,996,089$4,319,061$899,804$12,777,223
30$18,895,893$4,535,014$944,795$13,416,084
Total$305,000,001$73,200,000$15,250,000$216,550,000
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