USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Sep 8, 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 $12,000,000 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, Sep 8, 1998
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$180,617$36,391$10,295$133,931
2$189,648$38,558$10,810$140,280
3$199,130$41,408$11,350$146,372
4$209,087$44,594$11,918$152,575
5$219,541$47,940$12,514$159,088
6$230,518$51,452$13,140$165,926
7$242,044$55,141$13,797$173,107
8$254,147$59,326$14,486$180,334
9$266,854$63,774$15,211$187,870
10$280,197$68,444$15,971$195,782
11$294,206$73,347$16,770$204,090
12$308,917$78,496$17,608$212,813
13$324,363$83,902$18,489$221,972
14$340,581$89,578$19,413$231,590
15$357,610$95,538$20,384$241,688
16$375,490$101,796$21,403$252,291
17$394,265$108,367$22,473$263,424
18$413,978$115,267$23,597$275,114
19$434,677$122,512$24,777$287,389
20$456,411$130,119$26,015$300,277
21$479,231$138,106$27,316$313,809
22$503,193$146,492$28,682$328,019
23$528,352$155,298$30,116$342,938
24$554,770$164,544$31,622$358,604
25$582,509$174,253$33,203$375,053
26$611,634$184,492$34,863$392,279
27$642,216$195,808$36,606$409,802
28$674,327$207,689$38,437$428,201
29$708,043$220,164$40,358$447,521
30$743,445$233,262$42,376$467,806
Total$12,000,000$3,326,058$684,000$7,989,945

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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.