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Iowa Mega Millions Jackpot Annuity Payout Schedule for Nov 18, 2022

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The tax information provided here is based on 2025 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 $238,000,000 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 18, 2022
Jackpot:$238,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,582,242$1,282,450$136,125$2,163,667
2$3,761,354$1,348,721$142,931$2,269,701
3$3,949,421$1,418,306$150,078$2,381,037
4$4,146,892$1,491,370$157,582$2,497,940
5$4,354,237$1,568,088$165,461$2,620,688
6$4,571,949$1,648,641$173,734$2,749,573
7$4,800,546$1,733,222$182,421$2,884,903
8$5,040,574$1,822,033$191,542$3,026,999
9$5,292,602$1,915,283$201,119$3,176,200
10$5,557,232$2,013,196$211,175$3,332,861
11$5,835,094$2,116,005$221,734$3,497,355
12$6,126,849$2,223,954$232,820$3,670,074
13$6,433,191$2,337,301$244,461$3,851,429
14$6,754,851$2,456,315$256,684$4,041,851
15$7,092,593$2,581,280$269,519$4,241,795
16$7,447,223$2,712,493$282,994$4,451,736
17$7,819,584$2,850,266$297,144$4,672,173
18$8,210,563$2,994,929$312,001$4,903,633
19$8,621,091$3,146,824$327,601$5,146,666
20$9,052,146$3,306,314$343,982$5,401,850
21$9,504,753$3,473,779$361,181$5,669,794
22$9,979,991$3,649,617$379,240$5,951,134
23$10,478,991$3,834,247$398,202$6,246,542
24$11,002,940$4,028,108$418,112$6,556,720
25$11,553,087$4,231,662$439,017$6,882,407
26$12,130,741$4,445,395$460,968$7,224,379
27$12,737,279$4,669,813$484,017$7,583,449
28$13,374,142$4,905,453$508,217$7,960,472
29$14,042,849$5,152,875$533,628$8,356,347
30$14,744,992$5,412,667$560,310$8,772,015
Total$238,000,000$86,770,607$9,044,000$142,185,390

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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.