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Iowa Mega Millions Jackpot Annuity Payout Schedule for Nov 15, 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 $387,000,000 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:Fri, Nov 15, 2024
Jackpot:$387,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,824,905$2,112,235$221,346$3,491,324
2$6,116,151$2,219,996$232,414$3,663,741
3$6,421,958$2,333,145$244,034$3,844,779
4$6,743,056$2,451,951$256,236$4,034,869
5$7,080,209$2,576,697$269,048$4,234,463
6$7,434,219$2,707,681$282,500$4,444,038
7$7,805,930$2,845,215$296,625$4,664,091
8$8,196,227$2,989,624$311,457$4,895,146
9$8,606,038$3,141,254$327,029$5,137,754
10$9,036,340$3,300,466$343,381$5,392,493
11$9,488,157$3,467,638$360,550$5,659,969
12$9,962,565$3,643,169$378,577$5,940,818
13$10,460,693$3,827,477$397,506$6,235,710
14$10,983,728$4,021,000$417,382$6,545,347
15$11,532,914$4,224,199$438,251$6,870,465
16$12,109,560$4,437,557$460,163$7,211,839
17$12,715,038$4,661,584$483,171$7,570,282
18$13,350,790$4,896,812$507,330$7,946,647
19$14,018,329$5,143,802$532,697$8,341,831
20$14,719,246$5,403,141$559,331$8,756,773
21$15,455,208$5,675,447$587,298$9,192,463
22$16,227,968$5,961,369$616,663$9,649,937
23$17,039,367$6,261,586$647,496$10,130,285
24$17,891,335$6,576,814$679,871$10,634,650
25$18,785,902$6,907,804$713,864$11,164,234
26$19,725,197$7,255,343$749,557$11,720,297
27$20,711,457$7,620,259$787,035$12,304,162
28$21,747,030$8,003,421$826,387$12,917,221
29$22,834,381$8,405,741$867,706$13,560,933
30$23,976,100$8,828,177$911,092$14,236,831
Total$387,000,001$141,900,604$14,705,997$230,393,392

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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.