USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Feb 28, 2024

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $412,000,000 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, Feb 28, 2024
Jackpot:$412,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,201,191$2,252,629$353,468$3,595,095
2$6,511,251$2,367,351$371,141$3,772,759
3$6,836,813$2,487,809$389,698$3,959,306
4$7,178,654$2,614,290$409,183$4,155,181
5$7,537,587$2,747,095$429,642$4,360,849
6$7,914,466$2,886,540$451,125$4,576,801
7$8,310,190$3,032,958$473,681$4,803,551
8$8,725,699$3,186,696$497,365$5,041,638
9$9,161,984$3,348,122$522,233$5,291,629
10$9,620,083$3,517,618$548,345$5,554,120
11$10,101,087$3,695,590$575,762$5,829,735
12$10,606,142$3,882,460$604,550$6,119,131
13$11,136,449$4,078,674$634,778$6,422,997
14$11,693,271$4,284,698$666,516$6,742,057
15$12,277,935$4,501,024$699,842$7,077,069
16$12,891,831$4,728,165$734,834$7,428,832
17$13,536,423$4,966,664$771,576$7,798,182
18$14,213,244$5,217,088$810,155$8,186,001
19$14,923,906$5,480,033$850,663$8,593,210
20$15,670,102$5,756,125$893,196$9,020,780
21$16,453,606$6,046,022$937,856$9,469,729
22$17,276,287$6,350,414$984,748$9,941,125
23$18,140,101$6,670,025$1,033,986$10,436,090
24$19,047,106$7,005,617$1,085,685$10,955,804
25$19,999,461$7,357,988$1,139,969$11,501,504
26$20,999,435$7,727,979$1,196,968$12,074,488
27$22,049,407$8,116,468$1,256,816$12,676,122
28$23,151,877$8,524,382$1,319,657$13,307,837
29$24,309,470$8,952,692$1,385,640$13,971,139
30$25,524,944$9,402,417$1,454,922$14,667,605
Total$412,000,001$151,185,633$23,484,000$237,330,366

◄ Back to Jackpot Analysis

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.