USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Jan 31, 2023

Media: You may freely use any information on this page, but you must credit usamega.com.

The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-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 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.

State:

Iowa

Drawing Date:Tue, Jan 31, 2023
Jackpot:$31,000,000
Federal Tax:37% marginal rate
State Tax: 6%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$137,061$27,996$301,538
2$489,924$145,226$29,395$315,302
3$514,420$153,800$30,865$329,755
4$540,141$162,807$32,408$344,926
5$567,149$172,800$34,029$360,320
6$595,506$183,292$35,730$376,483
7$625,281$194,309$37,517$393,455
8$656,545$205,877$39,393$411,276
9$689,373$218,023$41,362$429,987
10$723,841$230,776$43,430$449,634
11$760,033$244,167$45,602$470,264
12$798,035$258,228$47,882$491,925
13$837,937$272,992$50,276$514,669
14$879,834$288,493$52,790$538,550
15$923,825$304,770$55,430$563,625
16$970,016$321,861$58,201$589,954
17$1,018,517$339,806$61,111$617,600
18$1,069,443$358,649$64,167$646,628
19$1,122,915$378,434$67,375$677,107
20$1,179,061$399,208$70,744$709,110
21$1,238,014$421,020$74,281$742,713
22$1,299,915$443,923$77,995$777,996
23$1,364,911$467,972$81,895$815,044
24$1,433,156$493,223$85,989$853,944
25$1,504,814$519,736$90,289$894,789
26$1,580,055$547,575$94,803$937,676
27$1,659,057$576,806$99,543$982,708
28$1,742,010$607,499$104,521$1,029,991
29$1,829,111$639,726$109,747$1,079,638
30$1,920,566$673,564$115,234$1,131,768
Total$31,000,000$10,361,623$1,860,000$18,778,375

◄ Back to Jackpot Analysis

Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.