USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Feb 9, 1999

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $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 9, 1999
Jackpot:$7,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$105,360$18,329$6,006$81,026
2$110,628$19,593$6,306$84,729
3$116,159$20,921$6,621$88,618
4$121,967$22,315$6,952$92,701
5$128,066$23,778$7,300$96,988
6$134,469$25,315$7,665$101,489
7$141,193$26,929$8,048$106,216
8$148,252$28,623$8,450$111,179
9$155,665$30,402$8,873$116,390
10$163,448$32,270$9,317$121,861
11$171,620$34,231$9,782$127,607
12$180,201$36,291$10,271$133,639
13$189,212$38,453$10,785$139,973
14$198,672$41,262$11,324$146,086
15$208,606$44,440$11,891$152,275
16$219,036$47,778$12,485$158,773
17$229,988$51,283$13,109$165,596
18$241,487$54,962$13,765$172,760
19$253,562$59,121$14,453$179,987
20$266,240$63,559$15,176$187,505
21$279,552$68,218$15,934$195,399
22$293,529$73,110$16,731$203,688
23$308,206$78,247$17,568$212,391
24$323,616$83,640$18,446$221,529
25$339,797$89,304$19,368$231,125
26$356,787$95,250$20,337$241,200
27$374,626$101,494$21,354$251,778
28$393,357$108,050$22,421$262,886
29$413,025$114,933$23,542$274,549
30$433,676$122,161$24,720$286,795
Total$7,000,000$1,654,262$399,000$4,946,738

◄ Back to Jackpot Analysis

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.