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Iowa Mega Millions Jackpot Annuity Payout Schedule for Sep 2, 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 $169,000,000 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, Sep 2, 2022
Jackpot:$169,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,543,693$899,354$144,990$1,499,348
2$2,670,877$946,412$152,240$1,572,225
3$2,804,421$995,824$159,852$1,648,745
4$2,944,642$1,047,705$167,845$1,729,092
5$3,091,874$1,102,181$176,237$1,813,456
6$3,246,468$1,159,381$185,049$1,902,038
7$3,408,791$1,219,441$194,301$1,995,050
8$3,579,231$1,282,503$204,016$2,092,712
9$3,758,192$1,348,719$214,217$2,195,257
10$3,946,102$1,418,245$224,928$2,302,929
11$4,143,407$1,491,248$236,174$2,415,985
12$4,350,577$1,567,901$247,983$2,534,693
13$4,568,106$1,648,387$260,382$2,659,337
14$4,796,512$1,732,897$273,401$2,790,213
15$5,036,337$1,821,633$287,071$2,927,633
16$5,288,154$1,914,805$301,425$3,071,925
17$5,552,562$2,012,636$316,496$3,223,430
18$5,830,190$2,115,358$332,321$3,382,511
19$6,121,699$2,223,217$348,937$3,549,546
20$6,427,784$2,336,468$366,384$3,724,933
21$6,749,174$2,455,382$384,703$3,909,089
22$7,086,632$2,580,242$403,938$4,102,453
23$7,440,964$2,711,344$424,135$4,305,485
24$7,813,012$2,849,002$445,342$4,518,668
25$8,203,663$2,993,543$467,609$4,742,511
26$8,613,846$3,145,311$490,989$4,977,546
27$9,044,538$3,304,667$515,539$5,224,333
28$9,496,765$3,471,991$541,316$5,483,459
29$9,971,603$3,647,681$568,381$5,755,541
30$10,470,183$3,832,156$596,800$6,041,227
Total$169,000,000$61,275,634$9,633,001$98,091,370

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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.