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Iowa Mega Millions Jackpot Annuity Payout Schedule for Sep 17, 2024

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The tax information provided here is based on 2024 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 $31,000,000 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, Sep 17, 2024
Jackpot:$31,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$133,683$26,596$306,316
2$489,924$141,848$27,926$320,150
3$514,420$150,422$29,322$334,677
4$540,141$159,424$30,788$349,929
5$567,149$168,877$32,327$365,944
6$595,506$178,802$33,944$382,760
7$625,281$189,542$35,641$400,098
8$656,545$201,110$37,423$418,013
9$689,373$213,256$39,294$436,823
10$723,841$226,009$41,259$456,573
11$760,033$239,400$43,322$477,311
12$798,035$253,461$45,488$499,086
13$837,937$268,224$47,762$521,950
14$879,834$283,726$50,151$545,957
15$923,825$300,003$52,658$571,164
16$970,016$317,094$55,291$597,632
17$1,018,517$335,039$58,055$625,423
18$1,069,443$353,882$60,958$654,603
19$1,122,915$373,666$64,006$685,243
20$1,179,061$394,440$67,206$717,414
21$1,238,014$416,253$70,567$751,194
22$1,299,915$439,156$74,095$786,663
23$1,364,911$463,205$77,800$823,906
24$1,433,156$488,455$81,690$863,011
25$1,504,814$514,969$85,774$904,071
26$1,580,055$542,808$90,063$947,184
27$1,659,057$572,039$94,566$992,452
28$1,742,010$602,731$99,295$1,039,984
29$1,829,111$634,959$104,259$1,089,893
30$1,920,566$668,797$109,472$1,142,297
Total$31,000,000$10,225,280$1,766,998$19,007,721

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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.