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Iowa Mega Millions Jackpot Annuity Payout Schedule for Mar 22, 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 $977,000,000 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, Mar 22, 2024
Jackpot:$977,000,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$14,705,252$5,397,963$558,800$8,748,489
2$15,440,515$5,670,011$586,740$9,183,765
3$16,212,540$5,955,660$616,077$9,640,804
4$17,023,168$6,255,592$646,880$10,120,695
5$17,874,325$6,570,521$679,224$10,624,580
6$18,768,042$6,901,196$713,186$11,153,661
7$19,706,445$7,248,405$748,845$11,709,195
8$20,691,767$7,612,974$786,287$12,292,506
9$21,726,355$7,995,772$825,601$12,904,982
10$22,812,673$8,397,709$866,882$13,548,082
11$23,953,306$8,819,744$910,226$14,223,337
12$25,150,972$9,262,880$955,737$14,932,355
13$26,408,520$9,728,173$1,003,524$15,676,824
14$27,728,946$10,216,730$1,053,700$16,458,516
15$29,115,393$10,729,716$1,106,385$17,279,293
16$30,571,163$11,268,351$1,161,704$18,141,108
17$32,099,721$11,833,917$1,219,789$19,046,015
18$33,704,707$12,427,762$1,280,779$19,996,166
19$35,389,942$13,051,299$1,344,818$20,993,826
20$37,159,440$13,706,013$1,412,059$22,041,368
21$39,017,411$14,393,462$1,482,662$23,141,287
22$40,968,282$15,115,285$1,556,795$24,296,203
23$43,016,696$15,873,198$1,634,634$25,508,864
24$45,167,531$16,669,007$1,716,366$26,782,158
25$47,425,907$17,504,606$1,802,184$28,119,117
26$49,797,203$18,381,986$1,892,294$29,522,924
27$52,287,064$19,303,234$1,986,908$30,996,921
28$54,901,416$20,270,544$2,086,254$32,544,618
29$57,646,487$21,286,220$2,190,567$34,169,700
30$60,528,812$22,352,681$2,300,095$35,876,036
Total$977,000,002$360,200,611$37,126,002$579,673,395

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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.