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Iowa Mega Millions Jackpot Annuity Payout Schedule for Oct 23, 2018

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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 $1,537,000,000 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, Oct 23, 2018
Jackpot:$1,537,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$23,134,056$8,517,788$1,318,641$13,297,626
2$24,290,759$8,945,768$1,384,573$13,960,417
3$25,505,296$9,395,147$1,453,802$14,656,347
4$26,780,562$9,866,996$1,526,492$15,387,074
5$28,119,589$10,362,436$1,602,817$16,154,337
6$29,525,569$10,882,648$1,682,957$16,959,963
7$31,001,848$11,428,871$1,767,105$17,805,871
8$32,551,940$12,002,406$1,855,461$18,694,074
9$34,179,537$12,604,616$1,948,234$19,626,687
10$35,888,513$13,236,938$2,045,645$20,605,930
11$37,682,939$13,900,875$2,147,928$21,634,137
12$39,567,086$14,598,010$2,255,324$22,713,753
13$41,545,440$15,330,001$2,368,090$23,847,350
14$43,622,713$16,098,592$2,486,495$25,037,627
15$45,803,848$16,905,612$2,610,819$26,287,417
16$48,094,041$17,752,983$2,741,360$27,599,698
17$50,498,742$18,642,722$2,878,428$28,977,591
18$53,023,680$19,576,949$3,022,350$30,424,381
19$55,674,863$20,557,887$3,173,467$31,943,509
20$58,458,607$21,587,872$3,332,141$33,538,594
21$61,381,537$22,669,356$3,498,748$35,213,433
22$64,450,614$23,804,915$3,673,685$36,972,014
23$67,673,145$24,997,251$3,857,369$38,818,524
24$71,056,801$26,249,204$4,050,238$40,757,359
25$74,609,641$27,563,755$4,252,750$42,793,137
26$78,340,125$28,944,034$4,465,387$44,930,704
27$82,257,131$30,393,326$4,688,656$47,175,148
28$86,369,986$31,915,083$4,923,089$49,531,814
29$90,688,486$33,512,927$5,169,244$52,006,314
30$95,222,911$35,190,665$5,427,706$54,604,540
Total$1,537,000,003$567,435,633$87,609,001$881,955,370

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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.