USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Apr 26, 2005

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The tax information provided here is based on 2025 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, Apr 26, 2005
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$150,514$28,970$5,720$115,824
2$158,040$30,777$6,006$121,258
3$165,942$32,673$6,306$126,963
4$174,239$34,664$6,621$132,954
5$182,951$36,755$6,952$139,244
6$192,099$38,951$7,300$145,848
7$201,704$41,608$7,665$152,431
8$211,789$44,835$8,048$158,905
9$222,378$48,224$8,450$165,704
10$233,497$51,782$8,873$172,842
11$245,172$55,518$9,317$180,337
12$257,431$59,648$9,782$188,000
13$270,302$64,153$10,271$195,878
14$283,817$68,883$10,785$204,149
15$298,008$73,850$11,324$212,834
16$312,909$79,065$11,891$221,953
17$328,554$84,541$12,485$231,528
18$344,982$90,291$13,109$241,582
19$362,231$96,328$13,765$252,138
20$380,342$102,667$14,453$263,222
21$399,359$109,323$15,176$274,861
22$419,327$116,312$15,934$287,081
23$440,294$123,650$16,731$299,913
24$462,308$131,355$17,568$313,385
25$485,424$139,446$18,446$327,532
26$509,695$147,941$19,368$342,386
27$535,180$156,860$20,337$357,983
28$561,939$166,226$21,354$374,359
29$590,036$176,060$22,421$391,555
30$619,537$186,385$23,542$409,610
Total$10,000,000$2,617,741$380,000$7,002,259

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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.