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Iowa Mega Millions Jackpot Annuity Payout Schedule for Nov 12, 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 $361,000,000 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, Nov 12, 2024
Jackpot:$361,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,433,568$1,967,440$206,476$3,259,652
2$5,705,247$2,067,961$216,799$3,420,486
3$5,990,509$2,173,508$227,639$3,589,361
4$6,290,034$2,284,333$239,021$3,766,680
5$6,604,536$2,400,698$250,972$3,952,865
6$6,934,763$2,522,882$263,521$4,148,359
7$7,281,501$2,651,176$276,697$4,353,628
8$7,645,576$2,785,883$290,532$4,569,161
9$8,027,855$2,927,327$305,058$4,795,470
10$8,429,247$3,075,842$320,311$5,033,094
11$8,850,710$3,231,783$336,327$5,282,600
12$9,293,245$3,395,521$353,143$5,544,581
13$9,757,908$3,567,446$370,800$5,819,661
14$10,245,803$3,747,967$389,341$6,108,495
15$10,758,093$3,937,515$408,808$6,411,771
16$11,295,998$4,136,539$429,248$6,730,211
17$11,860,798$4,345,515$450,710$7,064,572
18$12,453,838$4,564,940$473,246$7,415,652
19$13,076,529$4,795,336$496,908$7,784,285
20$13,730,356$5,037,252$521,754$8,171,350
21$14,416,874$5,291,263$547,841$8,577,769
22$15,137,717$5,557,976$575,233$9,004,508
23$15,894,603$5,838,023$603,995$9,452,585
24$16,689,333$6,132,074$634,195$9,923,065
25$17,523,800$6,440,826$665,904$10,417,069
26$18,399,990$6,765,017$699,200$10,935,774
27$19,319,990$7,105,416$734,160$11,480,414
28$20,285,989$7,462,836$770,868$12,052,285
29$21,300,288$7,838,127$809,411$12,652,750
30$22,365,303$8,232,182$849,882$13,283,239
Total$361,000,001$132,280,604$13,718,000$215,001,392

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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.