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Iowa Mega Millions Jackpot Annuity Payout Schedule for Mar 7, 2023

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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 $188,000,000 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:Tue, Mar 7, 2023
Jackpot:$188,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,829,670$1,005,166$161,291$1,663,213
2$2,971,153$1,057,514$169,356$1,744,283
3$3,119,711$1,112,481$177,824$1,829,407
4$3,275,697$1,170,195$186,715$1,918,786
5$3,439,481$1,230,796$196,050$2,012,635
6$3,611,455$1,294,426$205,853$2,111,176
7$3,792,028$1,361,238$216,146$2,214,644
8$3,981,630$1,431,391$226,953$2,323,286
9$4,180,711$1,505,051$238,301$2,437,360
10$4,389,747$1,582,394$250,216$2,557,137
11$4,609,234$1,663,604$262,726$2,682,903
12$4,839,696$1,748,875$275,863$2,814,958
13$5,081,680$1,838,410$289,656$2,953,615
14$5,335,764$1,932,421$304,139$3,099,205
15$5,602,553$2,031,132$319,346$3,252,075
16$5,882,680$2,134,779$335,313$3,412,588
17$6,176,814$2,243,609$352,078$3,581,127
18$6,485,655$2,357,880$369,682$3,758,093
19$6,809,938$2,477,865$388,166$3,943,907
20$7,150,435$2,603,849$407,575$4,139,011
21$7,507,956$2,736,132$427,954$4,343,871
22$7,883,354$2,875,029$449,351$4,558,974
23$8,277,522$3,020,871$471,819$4,784,832
24$8,691,398$3,174,005$495,410$5,021,983
25$9,125,968$3,334,796$520,180$5,270,992
26$9,582,266$3,503,626$546,189$5,532,451
27$10,061,380$3,680,898$573,499$5,806,983
28$10,564,449$3,867,034$602,174$6,095,241
29$11,092,671$4,062,476$632,282$6,397,913
30$11,647,305$4,267,690$663,896$6,715,718
Total$188,000,000$68,305,633$10,716,003$108,978,367

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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.