USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Dec 21, 1996

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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 $41,600,000 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:Sat, Dec 21, 1996
Jackpot:$41,600,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$741,732$232,629$42,279$466,825
2$771,401$243,606$43,970$483,825
3$802,257$255,023$45,729$501,506
4$834,348$266,896$47,558$519,894
5$867,722$279,245$49,460$539,017
6$902,431$292,087$51,439$558,905
7$938,528$305,443$53,496$579,589
8$976,069$319,333$55,636$601,100
9$1,015,112$333,779$57,861$623,471
10$1,055,716$348,803$60,176$646,738
11$1,097,945$364,427$62,583$670,935
12$1,141,863$380,677$65,086$696,099
13$1,187,537$397,576$67,690$722,271
14$1,235,039$415,152$70,397$749,489
15$1,284,440$433,431$73,213$777,796
16$1,335,818$452,440$76,142$807,236
17$1,389,250$472,210$79,187$837,853
18$1,444,820$492,771$82,355$869,694
19$1,502,613$514,155$85,649$902,810
20$1,562,718$536,393$89,075$937,250
21$1,625,226$559,522$92,638$973,067
22$1,690,235$583,575$96,343$1,010,317
23$1,757,845$608,590$100,197$1,049,057
24$1,828,159$634,606$104,205$1,089,347
25$1,901,285$661,663$108,373$1,131,249
26$1,977,336$689,802$112,708$1,174,826
27$2,056,430$719,067$117,217$1,220,147
28$2,138,687$749,502$121,905$1,267,280
29$2,224,235$781,155$126,781$1,316,299
30$2,313,204$814,073$131,853$1,367,278
Total$41,600,000$14,137,631$2,371,201$25,091,170

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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.