USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Dec 22, 1998

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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 $11,000,000 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:Tue, Dec 22, 1998
Jackpot:$11,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$165,566$32,778$9,437$123,350
2$173,844$34,765$9,909$129,170
3$182,536$36,851$10,405$135,281
4$191,663$39,042$10,925$141,697
5$201,246$42,085$11,471$147,690
6$211,309$45,305$12,045$153,959
7$221,874$48,686$12,647$160,541
8$232,968$52,236$13,279$167,452
9$244,616$55,990$13,943$174,683
10$256,847$60,271$14,640$181,935
11$269,689$64,766$15,372$189,551
12$283,174$69,486$16,141$197,547
13$297,332$74,441$16,948$205,943
14$312,199$79,644$17,795$214,759
15$327,809$85,108$18,685$224,016
16$344,199$90,845$19,619$233,735
17$361,409$96,868$20,600$243,941
18$379,480$103,193$21,630$254,657
19$398,454$109,834$22,712$265,908
20$418,376$116,807$23,847$277,723
21$439,295$124,128$25,040$290,127
22$461,260$131,816$26,292$303,152
23$484,323$139,888$27,606$316,829
24$508,539$148,363$28,987$331,189
25$533,966$157,263$30,436$346,267
26$560,665$166,607$31,958$362,099
27$588,698$176,419$33,556$378,723
28$618,133$186,897$35,234$396,002
29$649,039$198,332$36,995$413,712
30$681,491$210,340$38,845$432,307
Total$11,000,000$2,979,054$626,999$7,393,945

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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.