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Iowa Mega Millions Jackpot Annuity Payout Schedule for Jan 23, 2024

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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 $262,000,000 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, Jan 23, 2024
Jackpot:$262,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,943,476$1,416,106$149,852$2,377,518
2$4,140,650$1,489,061$157,345$2,494,244
3$4,347,682$1,565,663$165,212$2,616,808
4$4,565,067$1,646,095$173,473$2,745,499
5$4,793,320$1,730,549$182,146$2,880,625
6$5,032,986$1,819,225$191,253$3,022,507
7$5,284,635$1,912,335$200,816$3,171,484
8$5,548,867$2,010,101$210,857$3,327,909
9$5,826,310$2,112,755$221,400$3,492,155
10$6,117,626$2,220,542$232,470$3,664,614
11$6,423,507$2,333,718$244,093$3,845,696
12$6,744,682$2,452,553$256,298$4,035,832
13$7,081,916$2,577,329$269,113$4,235,474
14$7,436,012$2,708,345$282,568$4,445,099
15$7,807,813$2,845,911$296,697$4,665,205
16$8,198,203$2,990,356$311,532$4,896,316
17$8,608,113$3,142,022$327,108$5,138,983
18$9,038,519$3,301,272$343,464$5,393,783
19$9,490,445$3,468,485$360,637$5,661,323
20$9,964,967$3,644,058$378,669$5,942,240
21$10,463,216$3,828,410$397,602$6,237,203
22$10,986,377$4,021,980$417,482$6,546,915
23$11,535,695$4,225,228$438,356$6,872,111
24$12,112,480$4,438,638$460,274$7,213,568
25$12,718,104$4,662,719$483,288$7,572,097
26$13,354,010$4,898,004$507,452$7,948,553
27$14,021,710$5,145,053$532,825$8,343,832
28$14,722,795$5,404,454$559,466$8,758,875
29$15,458,935$5,676,826$587,440$9,194,669
30$16,231,882$5,962,817$616,812$9,652,254
Total$262,000,001$95,650,610$9,956,000$156,393,391

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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.