USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Mar 10, 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 $17,000,000 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, Mar 10, 1998
Jackpot:$17,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$255,874$59,931$14,585$181,359
2$268,668$64,409$15,314$188,945
3$282,102$69,110$16,080$196,911
4$296,207$74,047$16,884$205,276
5$311,017$79,231$17,728$214,058
6$326,568$84,673$18,614$223,280
7$342,896$90,388$19,545$232,963
8$360,041$96,389$20,522$243,130
9$378,043$102,690$21,548$253,805
10$396,945$109,306$22,626$265,014
11$416,792$116,252$23,757$276,783
12$437,632$123,546$24,945$289,141
13$459,514$131,205$26,192$302,117
14$482,489$139,246$27,502$315,741
15$506,614$147,690$28,877$330,047
16$531,945$156,555$30,321$345,068
17$558,542$165,864$31,837$360,840
18$586,469$175,639$33,429$377,401
19$615,792$186,031$35,100$394,661
20$646,582$197,423$36,855$412,304
21$678,911$209,385$38,698$430,828
22$712,856$221,945$40,633$450,279
23$748,499$235,132$42,664$470,702
24$785,924$248,980$44,798$492,147
25$825,220$263,519$47,038$514,664
26$866,482$278,786$49,389$538,306
27$909,806$294,816$51,859$563,131
28$955,296$311,647$54,452$589,197
29$1,003,061$329,320$57,174$616,566
30$1,053,214$347,877$60,033$645,304
Total$17,000,000$5,111,032$968,999$10,919,968

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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.