USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Feb 24, 1998

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The tax information provided here is based on 2025 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 $7,000,000 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, Feb 24, 1998
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,133$4,004$83,223
2$110,628$19,398$4,204$87,026
3$116,159$20,725$4,414$91,020
4$121,967$22,119$4,635$95,213
5$128,066$23,583$4,867$99,617
6$134,469$25,120$5,110$104,240
7$141,193$26,733$5,365$109,094
8$148,252$28,428$5,634$114,191
9$155,665$30,207$5,915$119,543
10$163,448$32,075$6,211$125,162
11$171,620$34,036$6,522$131,063
12$180,201$36,095$6,848$137,258
13$189,212$38,258$7,190$143,764
14$198,672$40,638$7,550$150,484
15$208,606$43,817$7,927$156,862
16$219,036$47,155$8,323$163,558
17$229,988$50,659$8,740$170,589
18$241,487$54,339$9,177$177,972
19$253,562$58,294$9,635$185,632
20$266,240$62,731$10,117$193,391
21$279,552$67,390$10,623$201,538
22$293,529$72,282$11,154$210,093
23$308,206$77,419$11,712$219,075
24$323,616$82,813$12,297$228,506
25$339,797$88,476$12,912$238,408
26$356,787$94,423$13,558$248,806
27$374,626$100,666$14,236$259,724
28$393,357$107,222$14,948$271,187
29$413,025$114,106$15,695$283,224
30$433,676$121,334$16,480$295,863
Total$7,000,000$1,638,674$266,003$5,095,326

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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.