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Iowa Mega Millions Jackpot Annuity Payout Schedule for May 24, 2024

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The tax information provided here is based on 2024 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 $453,000,000 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 money, as well as deductions claimed.

State:

Iowa

Drawing Date:Fri, May 24, 2024
Jackpot:$453,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,818,300$2,480,959$388,643$3,948,698
2$7,159,215$2,607,097$408,075$4,144,043
3$7,517,176$2,739,543$428,479$4,349,154
4$7,893,035$2,878,611$449,903$4,564,521
5$8,287,686$3,024,632$472,398$4,790,656
6$8,702,071$3,177,954$496,018$5,028,099
7$9,137,174$3,338,942$520,819$5,277,413
8$9,594,033$3,507,980$546,860$5,539,193
9$10,073,735$3,685,470$574,203$5,814,062
10$10,577,421$3,871,834$602,913$6,102,675
11$11,106,293$4,067,516$633,059$6,405,718
12$11,661,607$4,272,982$664,712$6,723,913
13$12,244,687$4,488,722$697,947$7,058,018
14$12,856,922$4,715,249$732,845$7,408,828
15$13,499,768$4,953,102$769,487$7,777,179
16$14,174,756$5,202,848$807,961$8,163,948
17$14,883,494$5,465,081$848,359$8,570,054
18$15,627,669$5,740,425$890,777$8,996,466
19$16,409,052$6,029,537$935,316$9,444,199
20$17,229,505$6,333,105$982,082$9,914,319
21$18,090,980$6,651,850$1,031,186$10,407,944
22$18,995,529$6,986,533$1,082,745$10,926,250
23$19,945,306$7,337,951$1,136,882$11,470,472
24$20,942,571$7,706,939$1,193,727$12,041,905
25$21,989,699$8,094,376$1,253,413$12,641,910
26$23,089,184$8,501,186$1,316,084$13,271,915
27$24,243,644$8,928,336$1,381,888$13,933,420
28$25,455,825$9,376,843$1,450,982$14,628,000
29$26,728,617$9,847,776$1,523,531$15,357,310
30$28,065,048$10,342,255$1,599,708$16,123,085
Total$453,000,001$166,355,634$25,821,002$260,823,367

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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.