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Iowa Mega Millions Jackpot Annuity Payout Schedule for Nov 1, 2022

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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 $87,000,000 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, Nov 1, 2022
Jackpot:$87,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,309,475$442,693$74,640$792,141
2$1,374,949$466,919$78,372$829,658
3$1,443,696$492,355$82,291$869,050
4$1,515,881$519,064$86,405$910,412
5$1,591,675$547,107$90,725$953,842
6$1,671,259$576,553$95,262$999,443
7$1,754,822$607,472$100,025$1,047,325
8$1,842,563$639,936$105,026$1,097,601
9$1,934,691$674,023$110,277$1,150,390
10$2,031,425$709,815$115,791$1,205,819
11$2,132,997$747,396$121,581$1,264,019
12$2,239,646$786,857$127,660$1,325,130
13$2,351,629$828,290$134,043$1,389,295
14$2,469,210$871,796$140,745$1,456,670
15$2,592,671$917,476$147,782$1,527,413
16$2,722,304$965,440$155,171$1,601,693
17$2,858,419$1,015,803$162,930$1,679,687
18$3,001,340$1,068,684$171,076$1,761,580
19$3,151,407$1,124,208$179,630$1,847,569
20$3,308,978$1,182,510$188,612$1,937,857
21$3,474,427$1,243,726$198,042$2,032,659
22$3,648,148$1,308,002$207,944$2,132,201
23$3,830,555$1,375,493$218,342$2,236,720
24$4,022,083$1,446,358$229,259$2,346,466
25$4,223,187$1,520,767$240,722$2,461,699
26$4,434,347$1,598,896$252,758$2,582,693
27$4,656,064$1,680,931$265,396$2,709,737
28$4,888,867$1,767,069$278,665$2,843,133
29$5,133,311$1,857,513$292,599$2,983,199
30$5,389,976$1,952,479$307,229$3,130,269
Total$87,000,000$30,935,631$4,959,000$51,105,370

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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.