USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Dec 29, 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 $14,000,000 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 29, 1998
Jackpot:$14,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$210,720$45,117$12,011$153,592
2$221,256$48,488$12,612$160,156
3$232,319$52,029$13,242$167,048
4$243,935$55,752$13,904$174,279
5$256,132$60,021$14,600$181,511
6$268,938$64,503$15,329$189,106
7$282,385$69,210$16,096$197,080
8$296,504$74,151$16,901$205,452
9$311,330$79,340$17,746$214,244
10$326,896$84,788$18,633$223,475
11$343,241$90,509$19,565$233,167
12$360,403$96,516$20,543$243,344
13$378,423$102,823$21,570$254,030
14$397,344$109,445$22,649$265,250
15$417,211$116,399$23,781$277,032
16$438,072$123,700$24,970$289,402
17$459,976$131,366$26,219$302,391
18$482,974$139,416$27,530$316,029
19$507,123$147,868$28,906$330,349
20$532,479$156,742$30,351$345,385
21$559,103$166,061$31,869$361,173
22$587,058$175,845$33,462$377,751
23$616,411$186,260$35,135$395,016
24$647,232$197,664$36,892$412,676
25$679,593$209,637$38,737$431,219
26$713,573$222,210$40,674$450,690
27$749,252$235,411$42,707$471,133
28$786,714$249,272$44,843$492,600
29$826,050$263,826$47,085$515,139
30$867,352$279,108$49,439$538,805
Total$14,000,000$4,033,477$798,001$9,168,524

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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.