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Iowa Mega Millions Jackpot Annuity Payout Schedule for Jul 4, 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 $400,000,000 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, Jul 4, 2023
Jackpot:$400,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,020,574$2,185,800$343,173$3,491,601
2$6,321,603$2,297,181$360,331$3,664,091
3$6,637,683$2,414,130$378,348$3,845,204
4$6,969,567$2,536,928$397,265$4,035,374
5$7,318,045$2,665,864$417,129$4,235,052
6$7,683,948$2,801,248$437,985$4,444,714
7$8,068,145$2,943,401$459,884$4,664,859
8$8,471,552$3,092,662$482,878$4,896,012
9$8,895,130$3,249,386$507,022$5,138,722
10$9,339,886$3,413,946$532,374$5,393,567
11$9,806,881$3,586,734$558,992$5,661,155
12$10,297,225$3,768,161$586,942$5,942,122
13$10,812,086$3,958,660$616,289$6,237,138
14$11,352,690$4,158,683$647,103$6,546,904
15$11,920,325$4,368,708$679,459$6,872,158
16$12,516,341$4,589,234$713,431$7,213,676
17$13,142,158$4,820,786$749,103$7,572,269
18$13,799,266$5,063,916$786,558$7,948,792
19$14,489,229$5,319,203$825,886$8,344,141
20$15,213,691$5,587,253$867,180$8,759,257
21$15,974,375$5,868,707$910,539$9,195,129
22$16,773,094$6,164,233$956,066$9,652,795
23$17,611,749$6,474,535$1,003,870$10,133,344
24$18,492,336$6,800,352$1,054,063$10,637,921
25$19,416,953$7,142,460$1,106,766$11,167,726
26$20,387,801$7,501,674$1,162,105$11,724,022
27$21,407,191$7,878,848$1,220,210$12,308,133
28$22,477,550$8,274,881$1,281,220$12,921,448
29$23,601,428$8,690,716$1,345,281$13,565,430
30$24,781,499$9,127,342$1,412,545$14,241,611
Total$400,000,001$146,745,632$22,799,997$230,454,367

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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.