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Iowa Mega Millions Jackpot Annuity Payout Schedule for Oct 6, 2023

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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 $360,000,000 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, Oct 6, 2023
Jackpot:$360,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,418,517$1,961,871$205,904$3,250,742
2$5,689,443$2,062,114$216,199$3,411,130
3$5,973,915$2,167,369$227,009$3,579,537
4$6,272,610$2,277,886$238,359$3,756,365
5$6,586,241$2,393,929$250,277$3,942,034
6$6,915,553$2,515,775$262,791$4,136,987
7$7,261,331$2,643,713$275,931$4,341,688
8$7,624,397$2,778,047$289,727$4,556,623
9$8,005,617$2,919,099$304,213$4,782,305
10$8,405,898$3,067,202$319,424$5,019,271
11$8,826,193$3,222,712$335,395$5,268,086
12$9,267,502$3,385,996$352,165$5,529,341
13$9,730,877$3,557,445$369,773$5,803,659
14$10,217,421$3,737,466$388,262$6,091,693
15$10,728,292$3,926,488$407,675$6,394,129
16$11,264,707$4,124,962$428,059$6,711,686
17$11,827,942$4,333,359$449,462$7,045,122
18$12,419,339$4,552,176$471,935$7,395,229
19$13,040,306$4,781,934$495,532$7,762,841
20$13,692,322$5,023,179$520,308$8,148,834
21$14,376,938$5,276,487$546,324$8,554,127
22$15,095,785$5,542,461$573,640$8,979,684
23$15,850,574$5,821,733$602,322$9,426,520
24$16,643,102$6,114,968$632,438$9,895,696
25$17,475,258$6,422,866$664,060$10,388,332
26$18,349,021$6,746,158$697,263$10,905,600
27$19,266,472$7,085,615$732,126$11,448,731
28$20,229,795$7,442,044$768,732$12,019,018
29$21,241,285$7,816,296$807,169$12,617,820
30$22,303,349$8,209,259$847,527$13,246,563
Total$360,000,001$131,910,609$13,680,001$214,409,393

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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.