USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Jun 13, 2023

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $260,000,000 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, Jun 13, 2023
Jackpot:$260,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,913,373$1,406,136$223,062$2,284,175
2$4,109,042$1,478,533$234,215$2,396,293
3$4,314,494$1,554,550$245,926$2,514,017
4$4,530,219$1,634,369$258,222$2,637,628
5$4,756,729$1,718,178$271,134$2,767,418
6$4,994,566$1,806,177$284,690$2,903,699
7$5,244,294$1,898,577$298,925$3,046,793
8$5,506,509$1,995,596$313,871$3,197,042
9$5,781,835$2,097,467$329,565$3,354,803
10$6,070,926$2,204,430$346,043$3,520,453
11$6,374,473$2,316,743$363,345$3,694,385
12$6,693,196$2,434,670$381,512$3,877,014
13$7,027,856$2,558,494$400,588$4,068,774
14$7,379,249$2,688,510$420,617$4,270,122
15$7,748,211$2,825,026$441,648$4,481,537
16$8,135,622$2,968,368$463,730$4,703,524
17$8,542,403$3,118,877$486,917$4,936,609
18$8,969,523$3,276,911$511,263$5,181,349
19$9,417,999$3,442,847$536,826$5,438,326
20$9,888,899$3,617,080$563,667$5,708,151
21$10,383,344$3,800,025$591,851$5,991,468
22$10,902,511$3,992,117$621,443$6,288,951
23$11,447,637$4,193,813$652,515$6,601,308
24$12,020,018$4,405,595$685,141$6,929,283
25$12,621,019$4,627,965$719,398$7,273,656
26$13,252,071$4,861,454$755,368$7,635,249
27$13,914,674$5,106,617$793,136$8,014,920
28$14,610,408$5,364,039$832,793$8,413,576
29$15,340,928$5,634,331$874,433$8,832,164
30$16,107,974$5,918,138$918,155$9,271,682
Total$260,000,001$94,945,633$14,819,999$150,234,369

◄ Back to Jackpot Analysis

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.