USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Jul 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 $5,000,000 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, Jul 10, 1998
Jackpot:$5,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$75,257$11,610$4,290$59,358
2$79,020$12,437$4,504$62,078
3$82,971$13,307$4,729$64,935
4$87,120$14,219$4,966$67,934
5$91,476$15,178$5,214$71,084
6$96,049$16,184$5,475$74,391
7$100,852$17,247$5,749$77,856
8$105,894$18,457$6,036$81,401
9$111,189$19,728$6,338$85,123
10$116,749$21,062$6,655$89,032
11$122,586$22,463$6,987$93,135
12$128,715$23,934$7,337$97,444
13$135,151$25,479$7,704$101,969
14$141,909$27,101$8,089$106,719
15$149,004$28,803$8,493$111,707
16$156,454$30,592$8,918$116,945
17$164,277$32,469$9,364$122,444
18$172,491$34,440$9,832$128,219
19$181,115$36,510$10,324$134,282
20$190,171$38,684$10,840$140,648
21$199,680$41,584$11,382$146,714
22$209,664$44,779$11,951$152,934
23$220,147$48,133$12,548$159,465
24$231,154$51,656$13,176$166,323
25$242,712$55,354$13,835$173,523
26$254,848$59,571$14,526$180,750
27$267,590$64,031$15,253$188,306
28$280,969$68,714$16,015$196,240
29$295,018$73,631$16,816$204,571
30$309,769$78,794$17,657$213,318
Total$5,000,000$1,046,151$285,003$3,668,848

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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.