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Iowa Mega Millions Jackpot Annuity Payout Schedule for Nov 11, 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 $189,000,000 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:Fri, Nov 11, 2022
Jackpot:$189,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,844,721$1,010,735$162,149$1,671,838
2$2,986,957$1,063,362$170,257$1,753,339
3$3,136,305$1,118,621$178,769$1,838,915
4$3,293,121$1,176,642$187,708$1,928,770
5$3,457,776$1,237,565$197,093$2,023,118
6$3,630,665$1,301,534$206,948$2,122,183
7$3,812,199$1,368,701$217,295$2,226,202
8$4,002,809$1,439,227$228,160$2,335,422
9$4,202,949$1,513,279$239,568$2,450,102
10$4,413,096$1,591,033$251,546$2,570,516
11$4,633,751$1,672,676$264,124$2,696,952
12$4,865,439$1,758,400$277,330$2,829,709
13$5,108,711$1,848,411$291,197$2,969,103
14$5,364,146$1,942,922$305,756$3,115,468
15$5,632,353$2,042,159$321,044$3,269,151
16$5,913,971$2,146,357$337,096$3,430,518
17$6,209,670$2,255,766$353,951$3,599,953
18$6,520,153$2,370,644$371,649$3,777,860
19$6,846,161$2,491,267$390,231$3,964,662
20$7,188,469$2,617,921$409,743$4,160,805
21$7,547,892$2,750,908$430,230$4,366,755
22$7,925,287$2,890,544$451,741$4,583,002
23$8,321,551$3,037,162$474,328$4,810,061
24$8,737,629$3,191,110$498,045$5,048,474
25$9,174,510$3,352,757$522,947$5,298,807
26$9,633,236$3,522,485$549,094$5,561,656
27$10,114,898$3,700,700$576,549$5,837,649
28$10,620,642$3,887,825$605,377$6,127,440
29$11,151,675$4,084,307$635,645$6,431,722
30$11,709,258$4,290,613$667,428$6,751,217
Total$189,000,000$68,675,633$10,772,998$109,551,369

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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.