USA Mega

Iowa Mega Millions Jackpot Annuity Payout Schedule for Jul 28, 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 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 $940,000,000 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 28, 2023
Jackpot:$940,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$14,148,349$5,191,909$537,637$8,418,802
2$14,855,767$5,453,654$564,519$8,837,594
3$15,598,555$5,728,485$592,745$9,277,324
4$16,378,483$6,017,059$622,382$9,739,042
5$17,197,406$6,320,061$653,501$10,223,844
6$18,057,277$6,638,213$686,177$10,732,888
7$18,960,141$6,972,273$720,485$11,267,383
8$19,908,148$7,323,035$756,510$11,828,603
9$20,903,556$7,691,336$794,335$12,417,885
10$21,948,733$8,078,051$834,052$13,036,630
11$23,046,170$8,484,103$875,754$13,686,312
12$24,198,478$8,910,457$919,542$14,368,479
13$25,408,402$9,358,129$965,519$15,084,754
14$26,678,822$9,828,185$1,013,795$15,836,843
15$28,012,763$10,321,743$1,064,485$16,626,536
16$29,413,402$10,839,979$1,117,709$17,455,714
17$30,884,071$11,384,127$1,173,595$18,326,350
18$32,428,275$11,955,482$1,232,274$19,240,519
19$34,049,689$12,555,405$1,293,888$20,200,395
20$35,752,173$13,185,324$1,358,583$21,208,266
21$37,539,782$13,846,739$1,426,512$22,266,531
22$39,416,771$14,541,225$1,497,837$23,377,708
23$41,387,610$15,270,436$1,572,729$24,544,445
24$43,456,990$16,036,106$1,651,366$25,769,518
25$45,629,839$16,840,061$1,733,934$27,055,844
26$47,911,332$17,684,213$1,820,631$28,406,488
27$50,306,898$18,570,573$1,911,662$29,824,664
28$52,822,243$19,501,250$2,007,245$31,313,747
29$55,463,355$20,478,462$2,107,607$32,877,286
30$58,236,523$21,504,534$2,212,988$34,519,001
Total$940,000,002$346,510,609$35,719,998$557,769,395

◄ 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.