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Iowa Mega Millions Jackpot Annuity Payout Schedule for Aug 1, 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 $1,100,000,000 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, Aug 1, 2023
Jackpot:$1,100,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$16,556,579$6,084,122$943,725$9,528,732
2$17,384,408$6,390,419$990,911$10,003,078
3$18,253,628$6,712,030$1,040,457$10,501,141
4$19,166,310$7,049,722$1,092,480$11,024,108
5$20,124,624$7,404,299$1,147,104$11,573,222
6$21,130,856$7,776,604$1,204,459$12,149,793
7$22,187,399$8,167,525$1,264,682$12,755,192
8$23,296,769$8,577,992$1,327,916$13,390,861
9$24,461,608$9,008,983$1,394,312$14,058,313
10$25,684,688$9,461,522$1,464,027$14,759,138
11$26,968,922$9,936,689$1,537,229$15,495,005
12$28,317,368$10,435,614$1,614,090$16,267,664
13$29,733,237$10,959,485$1,694,794$17,078,957
14$31,219,899$11,509,550$1,779,534$17,930,814
15$32,780,893$12,087,118$1,868,511$18,825,264
16$34,419,938$12,693,565$1,961,936$19,764,437
17$36,140,935$13,330,334$2,060,033$20,750,568
18$37,947,982$13,998,941$2,163,035$21,786,006
19$39,845,380$14,700,978$2,271,187$22,873,215
20$41,837,650$15,438,118$2,384,746$24,014,786
21$43,929,532$16,212,115$2,503,983$25,213,434
22$46,126,009$17,024,811$2,629,182$26,472,015
23$48,432,309$17,878,142$2,760,642$27,793,525
24$50,853,924$18,774,140$2,898,674$29,181,111
25$53,396,620$19,714,937$3,043,607$30,638,076
26$56,066,452$20,702,775$3,195,788$32,167,889
27$58,869,775$21,740,004$3,355,577$33,774,193
28$61,813,263$22,829,095$3,523,356$35,460,812
29$64,903,926$23,972,640$3,699,524$37,231,762
30$68,149,123$25,173,363$3,884,500$39,091,260
Total$1,100,000,002$405,745,632$62,700,001$631,554,371

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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.