USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Dec 7, 2004

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 $10,000,000 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, Dec 7, 2004
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$150,514$29,166$8,579$112,769
2$158,040$30,972$9,008$118,060
3$165,942$32,869$9,459$123,615
4$174,239$34,860$9,932$129,448
5$182,951$36,951$10,428$135,572
6$192,099$39,158$10,950$141,991
7$201,704$42,232$11,497$147,975
8$211,789$45,459$12,072$154,258
9$222,378$48,848$12,676$160,855
10$233,497$52,406$13,309$167,782
11$245,172$56,185$13,975$175,012
12$257,431$60,475$14,674$182,282
13$270,302$64,981$15,407$189,914
14$283,817$69,711$16,178$197,929
15$298,008$74,678$16,986$206,344
16$312,909$79,893$17,836$215,180
17$328,554$85,369$18,728$224,458
18$344,982$91,118$19,664$234,199
19$362,231$97,156$20,647$244,428
20$380,342$103,495$21,680$255,168
21$399,359$110,151$22,763$266,445
22$419,327$117,139$23,902$278,286
23$440,294$124,478$25,097$290,719
24$462,308$132,183$26,352$303,774
25$485,424$140,273$27,669$317,482
26$509,695$148,768$29,053$331,874
27$535,180$157,688$30,505$346,987
28$561,939$167,053$32,031$362,855
29$590,036$176,887$33,632$379,516
30$619,537$187,417$35,314$396,807
Total$10,000,000$2,638,019$570,003$6,791,984

◄ 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.