USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Jul 14, 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 $560,000,000 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, Jul 14, 2023
Jackpot:$560,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,428,804$3,076,845$480,442$4,871,517
2$8,850,244$3,232,778$504,464$5,113,002
3$9,292,756$3,396,507$529,687$5,366,561
4$9,757,394$3,568,424$556,171$5,632,799
5$10,245,263$3,748,935$583,980$5,912,348
6$10,757,527$3,938,473$613,179$6,205,875
7$11,295,403$4,137,487$643,838$6,514,078
8$11,860,173$4,346,452$676,030$6,837,692
9$12,453,182$4,565,865$709,831$7,177,486
10$13,075,841$4,796,249$745,323$7,534,269
11$13,729,633$5,038,152$782,589$7,908,892
12$14,416,115$5,292,150$821,719$8,302,246
13$15,136,920$5,558,848$862,804$8,715,268
14$15,893,767$5,838,881$905,945$9,148,940
15$16,688,455$6,132,916$951,242$9,604,297
16$17,522,878$6,441,652$998,804$10,082,421
17$18,399,021$6,765,826$1,048,744$10,584,451
18$19,318,972$7,106,208$1,101,181$11,111,583
19$20,284,921$7,463,608$1,156,240$11,665,072
20$21,299,167$7,838,880$1,214,053$12,246,235
21$22,364,125$8,232,914$1,274,755$12,856,456
22$23,482,332$8,646,650$1,338,493$13,497,188
23$24,656,448$9,081,074$1,405,418$14,169,957
24$25,889,270$9,537,218$1,475,688$14,876,364
25$27,183,734$10,016,169$1,549,473$15,618,092
26$28,542,921$10,519,069$1,626,947$16,396,906
27$29,970,067$11,047,113$1,708,294$17,214,661
28$31,468,570$11,601,559$1,793,708$18,073,303
29$33,041,999$12,183,727$1,883,394$18,974,877
30$34,694,099$12,795,004$1,977,564$19,921,531
Total$560,000,001$205,945,633$31,920,000$322,134,367

◄ 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.