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Iowa Mega Millions Jackpot Annuity Payout Schedule for Sep 19, 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 $183,000,000 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, Sep 19, 2023
Jackpot:$183,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,754,413$977,320$157,002$1,620,091
2$2,892,133$1,028,277$164,852$1,699,005
3$3,036,740$1,081,782$173,094$1,781,864
4$3,188,577$1,137,961$181,749$1,868,867
5$3,348,006$1,196,950$190,836$1,960,220
6$3,515,406$1,258,888$200,378$2,056,140
7$3,691,176$1,323,923$210,397$2,156,856
8$3,875,735$1,392,210$220,917$2,262,609
9$4,069,522$1,463,911$231,963$2,373,648
10$4,272,998$1,539,197$243,561$2,490,240
11$4,486,648$1,618,247$255,739$2,612,662
12$4,710,980$1,701,250$268,526$2,741,204
13$4,946,529$1,788,404$281,952$2,876,174
14$5,193,856$1,879,914$296,050$3,017,892
15$5,453,549$1,976,001$310,852$3,166,696
16$5,726,226$2,076,891$326,395$3,322,940
17$6,012,537$2,182,827$342,715$3,486,996
18$6,313,164$2,294,059$359,850$3,659,255
19$6,628,822$2,410,852$377,843$3,840,127
20$6,960,264$2,533,485$396,735$4,030,043
21$7,308,277$2,662,250$416,572$4,229,455
22$7,673,691$2,797,453$437,400$4,438,837
23$8,057,375$2,939,417$459,270$4,658,688
24$8,460,244$3,088,478$482,234$4,889,532
25$8,883,256$3,244,992$506,346$5,131,918
26$9,327,419$3,409,333$531,663$5,386,423
27$9,793,790$3,581,890$558,246$5,653,654
28$10,283,479$3,763,075$586,158$5,934,246
29$10,797,653$3,953,319$615,466$6,228,867
30$11,337,536$4,153,076$646,240$6,538,220
Total$183,000,000$66,455,632$10,431,001$106,113,369

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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.