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Iowa Mega Millions Jackpot Annuity Payout Schedule for Feb 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 $525,000,000 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, Feb 23, 2024
Jackpot:$525,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,902,003$2,880,761$300,276$4,720,966
2$8,297,104$3,026,949$315,290$4,954,865
3$8,711,959$3,180,445$331,054$5,200,459
4$9,147,557$3,341,616$347,607$5,458,333
5$9,604,934$3,510,846$364,988$5,729,101
6$10,085,181$3,688,537$383,237$6,013,407
7$10,589,441$3,875,113$402,399$6,311,929
8$11,118,913$4,071,018$422,519$6,625,376
9$11,674,858$4,276,718$443,645$6,954,496
10$12,258,601$4,492,703$465,827$7,300,071
11$12,871,531$4,719,487$489,118$7,662,926
12$13,515,108$4,957,610$513,574$8,043,923
13$14,190,863$5,207,640$539,253$8,443,971
14$14,900,406$5,470,171$566,215$8,864,020
15$15,645,426$5,745,828$594,526$9,305,072
16$16,427,698$6,035,268$624,253$9,768,177
17$17,249,082$6,339,181$655,465$10,254,437
18$18,111,537$6,658,289$688,238$10,765,009
19$19,017,113$6,993,352$722,650$11,301,111
20$19,967,969$7,345,169$758,783$11,864,018
21$20,966,367$7,714,576$796,722$12,455,069
22$22,014,686$8,102,454$836,558$13,075,674
23$23,115,420$8,509,726$878,386$13,727,309
24$24,271,191$8,937,361$922,305$14,411,525
25$25,484,751$9,386,378$968,421$15,129,952
26$26,758,989$9,857,846$1,016,842$15,884,301
27$28,096,938$10,352,887$1,067,684$16,676,367
28$29,501,784$10,872,680$1,121,068$17,508,036
29$30,976,874$11,418,464$1,177,121$18,381,289
30$32,525,718$11,991,536$1,235,977$19,298,205
Total$525,000,001$192,960,609$19,950,001$312,089,394

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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.