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Iowa Mega Millions Jackpot Annuity Payout Schedule for Aug 30, 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 $77,000,000 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:Fri, Aug 30, 2013
Jackpot:$77,000,000
Federal Tax:37% marginal rate
State Tax: 8.53%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,158,960$391,770$98,859$668,331
2$1,216,909$413,211$103,802$699,895
3$1,277,754$435,724$108,992$733,038
4$1,341,642$459,362$114,442$767,837
5$1,408,724$484,183$120,164$804,377
6$1,479,160$510,244$126,172$842,743
7$1,553,118$537,609$132,481$883,028
8$1,630,774$566,341$139,105$925,328
9$1,712,313$596,511$146,060$969,742
10$1,797,928$628,188$153,363$1,016,376
11$1,887,825$661,450$161,031$1,065,343
12$1,982,216$696,375$169,083$1,116,758
13$2,081,327$733,046$177,537$1,170,744
14$2,185,393$771,550$186,414$1,227,429
15$2,294,663$811,980$195,735$1,286,948
16$2,409,396$854,431$205,521$1,349,443
17$2,529,865$899,005$215,798$1,415,063
18$2,656,359$945,808$226,587$1,483,964
19$2,789,177$994,950$237,917$1,556,310
20$2,928,635$1,046,550$249,813$1,632,273
21$3,075,067$1,100,730$262,303$1,712,034
22$3,228,821$1,157,619$275,418$1,795,784
23$3,390,262$1,217,352$289,189$1,883,721
24$3,559,775$1,280,072$303,649$1,976,054
25$3,737,763$1,345,927$318,831$2,073,005
26$3,924,652$1,415,076$334,773$2,174,803
27$4,120,884$1,487,682$351,511$2,281,691
28$4,326,928$1,563,918$369,087$2,393,923
29$4,543,275$1,643,967$387,541$2,511,767
30$4,770,439$1,728,017$406,918$2,635,503
Total$77,000,000$27,378,648$6,568,096$43,053,255

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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.