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Iowa Powerball Jackpot Annuity Payout Schedule for Jul 24, 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 Powerball 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 $114,000,000 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:Wed, Jul 24, 2024
Jackpot:$114,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,715,864$593,057$97,804$1,025,002
2$1,801,657$624,801$102,694$1,074,162
3$1,891,740$658,131$107,829$1,125,779
4$1,986,327$693,129$113,221$1,179,977
5$2,085,643$729,876$118,882$1,236,886
6$2,189,925$768,460$124,826$1,296,639
7$2,299,421$808,974$131,067$1,359,381
8$2,414,392$851,513$137,620$1,425,259
9$2,535,112$896,179$144,501$1,494,431
10$2,661,868$943,079$151,726$1,567,062
11$2,794,961$992,323$159,313$1,643,325
12$2,934,709$1,044,030$167,278$1,723,401
13$3,081,445$1,098,322$175,642$1,807,480
14$3,235,517$1,155,329$184,424$1,895,763
15$3,397,293$1,215,186$193,646$1,988,461
16$3,567,157$1,278,036$203,328$2,085,793
17$3,745,515$1,344,028$213,494$2,187,992
18$3,932,791$1,413,320$224,169$2,295,301
19$4,129,430$1,486,077$235,378$2,407,976
20$4,335,902$1,562,471$247,146$2,526,284
21$4,552,697$1,642,686$259,504$2,650,508
22$4,780,332$1,726,911$272,479$2,780,942
23$5,019,348$1,815,347$286,103$2,917,899
24$5,270,316$1,908,205$300,408$3,061,703
25$5,533,832$2,005,705$315,428$3,212,698
26$5,810,523$2,108,081$331,200$3,371,242
27$6,101,049$2,215,576$347,760$3,537,714
28$6,406,102$2,328,445$365,148$3,712,509
29$6,726,407$2,446,958$383,405$3,896,043
30$7,062,727$2,571,397$402,575$4,088,755
Total$114,000,000$40,925,632$6,497,998$66,576,367

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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.