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Iowa Mega Millions Jackpot Annuity Payout Schedule for Dec 2, 2022

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The tax information provided here is based on 2022 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 $333,000,000 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, Dec 2, 2022
Jackpot:$333,000,000
Federal Tax:37% marginal rate
State Tax: 6%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,012,128$1,817,442$300,728$2,893,958
2$5,262,734$1,910,167$315,764$3,036,804
3$5,525,871$2,007,527$331,552$3,186,791
4$5,802,165$2,109,756$348,130$3,344,279
5$6,092,273$2,217,096$365,536$3,509,640
6$6,396,886$2,329,803$383,813$3,683,270
7$6,716,731$2,448,145$403,004$3,865,582
8$7,052,567$2,572,405$423,154$4,057,008
9$7,405,196$2,702,877$444,312$4,258,007
10$7,775,455$2,839,874$466,527$4,469,055
11$8,164,228$2,983,719$489,854$4,690,655
12$8,572,440$3,134,758$514,346$4,923,336
13$9,001,062$3,293,348$540,064$5,167,650
14$9,451,115$3,459,867$567,067$5,424,180
15$9,923,670$3,634,713$595,420$5,693,537
16$10,419,854$3,818,301$625,191$5,976,362
17$10,940,847$4,011,068$656,451$6,273,328
18$11,487,889$4,213,474$689,273$6,585,142
19$12,062,283$4,426,000$723,737$6,912,546
20$12,665,398$4,649,152$759,924$7,256,322
21$13,298,667$4,883,462$797,920$7,617,285
22$13,963,601$5,129,487$837,816$7,996,297
23$14,661,781$5,387,814$879,707$8,394,260
24$15,394,870$5,659,057$923,692$8,812,121
25$16,164,613$5,943,862$969,877$9,250,875
26$16,972,844$6,242,907$1,018,371$9,711,566
27$17,821,486$6,556,905$1,069,289$10,195,292
28$18,712,560$6,886,602$1,122,754$10,703,204
29$19,648,188$7,232,785$1,178,891$11,236,512
30$20,630,598$7,596,276$1,237,836$11,796,486
Total$333,000,001$122,098,649$19,980,000$190,921,350

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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.