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Iowa Mega Millions Jackpot Annuity Payout Schedule for Aug 8, 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 $1,602,000,000 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 8, 2023
Jackpot:$1,602,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$24,112,399$8,879,775$1,374,407$13,858,217
2$25,318,019$9,325,855$1,443,127$14,549,037
3$26,583,920$9,794,238$1,515,283$15,274,398
4$27,913,117$10,286,041$1,591,048$16,036,028
5$29,308,771$10,802,433$1,670,600$16,835,738
6$30,774,210$11,344,646$1,754,130$17,675,435
7$32,312,922$11,913,969$1,841,837$18,557,116
8$33,928,567$12,511,758$1,933,928$19,482,881
9$35,624,996$13,139,436$2,030,625$20,454,935
10$37,406,245$13,798,498$2,132,156$21,475,591
11$39,276,558$14,490,514$2,238,764$22,547,280
12$41,240,385$15,217,130$2,350,702$23,672,553
13$43,302,404$15,980,077$2,468,237$24,854,090
14$45,467,525$16,781,172$2,591,649$26,094,704
15$47,740,901$17,622,321$2,721,231$27,397,348
16$50,127,947$18,505,528$2,857,293$28,765,126
17$52,634,343$19,432,895$3,000,158$30,201,291
18$55,266,060$20,406,630$3,150,165$31,709,265
19$58,029,363$21,429,052$3,307,674$33,292,637
20$60,930,832$22,502,595$3,473,057$34,955,179
21$63,977,373$23,629,816$3,646,710$36,700,847
22$67,176,241$24,813,397$3,829,046$38,533,799
23$70,535,054$26,056,158$4,020,498$40,458,398
24$74,061,806$27,361,056$4,221,523$42,479,227
25$77,764,896$28,731,199$4,432,599$44,601,098
26$81,653,142$30,169,850$4,654,229$46,829,063
27$85,735,799$31,680,433$4,886,941$49,168,425
28$90,022,588$33,266,545$5,131,288$51,624,755
29$94,523,718$34,931,963$5,387,852$54,203,902
30$99,249,904$36,680,652$5,657,245$56,912,007
Total$1,602,000,003$591,485,632$91,314,002$919,200,370

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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.