USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Sep 28, 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 $12,700,000 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, Sep 28, 1996
Jackpot:$12,700,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$226,442$50,148$12,907$163,387
2$235,500$53,046$13,423$169,030
3$244,920$56,097$13,960$174,863
4$254,717$59,526$14,519$180,672
5$264,905$63,092$15,100$186,714
6$275,502$66,800$15,704$192,998
7$286,522$70,657$16,332$199,533
8$297,983$74,669$16,985$206,329
9$309,902$78,840$17,664$213,397
10$322,298$83,179$18,371$220,748
11$335,190$87,691$19,106$228,393
12$348,597$92,384$19,870$236,344
13$362,541$97,264$20,665$244,612
14$377,043$102,340$21,491$253,212
15$392,125$107,618$22,351$262,155
16$407,810$113,108$23,245$271,456
17$424,122$118,817$24,175$281,130
18$441,087$124,755$25,142$291,190
19$458,730$130,930$26,148$301,652
20$477,080$137,353$27,194$312,534
21$496,163$144,032$28,281$323,850
22$516,009$150,978$29,413$335,619
23$536,650$158,202$30,589$347,859
24$558,116$165,715$31,813$360,588
25$580,440$173,529$33,085$373,826
26$603,658$181,655$34,409$387,594
27$627,804$190,475$35,785$401,544
28$652,916$199,767$37,216$415,933
29$679,033$209,430$38,705$430,898
30$706,194$219,480$40,253$446,462
Total$12,700,000$3,561,577$723,901$8,414,522

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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.