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Iowa Mega Millions Jackpot Annuity Payout Schedule for May 29, 2020

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The tax information provided here is based on 2021 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 $336,000,000 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, May 29, 2020
Jackpot:$336,000,000
Federal Tax:37% marginal rate
State Tax: 8.53%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,057,282$1,835,267$431,386$2,790,629
2$5,310,146$1,928,826$452,955$2,928,364
3$5,575,654$2,027,064$475,603$3,072,986
4$5,854,436$2,130,214$499,383$3,224,839
5$6,147,158$2,238,521$524,353$3,384,285
6$6,454,516$2,352,243$550,570$3,551,703
7$6,777,242$2,471,652$578,099$3,727,491
8$7,116,104$2,597,031$607,004$3,912,070
9$7,471,909$2,728,679$637,354$4,105,877
10$7,845,505$2,866,909$669,222$4,309,374
11$8,237,780$3,012,051$702,683$4,523,046
12$8,649,669$3,164,450$737,817$4,747,402
13$9,082,152$3,324,469$774,708$4,982,976
14$9,536,260$3,492,488$813,443$5,230,329
15$10,013,073$3,668,909$854,115$5,490,049
16$10,513,727$3,854,151$896,821$5,762,755
17$11,039,413$4,048,655$941,662$6,049,096
18$11,591,383$4,252,884$988,745$6,349,754
19$12,170,953$4,467,325$1,038,182$6,665,446
20$12,779,500$4,692,487$1,090,091$6,996,922
21$13,418,475$4,928,908$1,144,596$7,344,971
22$14,089,399$5,177,150$1,201,826$7,710,423
23$14,793,869$5,437,804$1,261,917$8,094,148
24$15,533,562$5,711,490$1,325,013$8,497,059
25$16,310,240$5,998,861$1,391,264$8,920,116
26$17,125,753$6,300,601$1,460,827$9,364,325
27$17,982,040$6,617,427$1,533,868$9,830,745
28$18,881,142$6,950,095$1,610,561$10,320,486
29$19,825,199$7,299,396$1,691,089$10,834,714
30$20,816,459$7,666,162$1,775,644$11,374,653
Total$336,000,001$123,242,169$28,660,801$184,097,033

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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.