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Iowa Mega Millions Jackpot Annuity Payout Schedule for Jan 8, 2013

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The tax information provided here is based on 2022 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 $47,000,000 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 prize money, as well as deductions claimed.

State:

Iowa

Drawing Date:Tue, Jan 8, 2013
Jackpot:$47,000,000
Federal Tax:37% marginal rate
State Tax: 8.53%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$224,699$60,343$422,375
2$742,788$237,787$63,360$441,642
3$779,928$251,528$66,528$461,872
4$818,924$265,957$69,854$483,113
5$859,870$281,107$73,347$505,416
6$902,864$297,015$77,014$528,835
7$948,007$313,718$80,865$553,424
8$995,407$331,256$84,908$579,243
9$1,045,178$349,671$89,154$606,353
10$1,097,437$369,007$93,611$634,819
11$1,152,308$389,309$98,292$664,707
12$1,209,924$410,627$103,207$696,091
13$1,270,420$433,010$108,367$729,043
14$1,333,941$456,513$113,785$763,643
15$1,400,638$481,191$119,474$799,973
16$1,470,670$507,103$125,448$838,119
17$1,544,204$534,310$131,721$878,173
18$1,621,414$562,878$138,307$920,229
19$1,702,484$592,874$145,222$964,388
20$1,787,609$624,370$152,483$1,010,755
21$1,876,989$657,441$160,107$1,059,441
22$1,970,839$692,165$168,113$1,110,561
23$2,069,380$728,626$176,518$1,164,237
24$2,172,849$766,909$185,344$1,220,596
25$2,281,492$807,107$194,611$1,279,774
26$2,395,567$849,315$204,342$1,341,910
27$2,515,345$893,633$214,559$1,407,153
28$2,641,112$940,166$225,287$1,475,659
29$2,773,168$989,027$236,551$1,547,589
30$2,911,826$1,040,331$248,379$1,623,117
Total$47,000,000$16,278,650$4,009,101$26,712,250

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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.