USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for May 24, 1997

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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 $17,000,000 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:Sat, May 24, 1997
Jackpot:$17,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$303,112$76,464$17,277$209,370
2$315,236$80,707$17,968$216,560
3$327,846$85,121$18,687$224,038
4$340,959$89,711$19,435$231,814
5$354,598$94,484$20,212$239,902
6$368,782$99,448$21,021$248,313
7$383,533$104,611$21,861$257,060
8$398,874$109,981$22,736$266,158
9$414,829$115,565$23,645$275,619
10$431,422$121,373$24,591$285,459
11$448,679$127,413$25,575$295,692
12$466,627$133,694$26,598$306,335
13$485,292$140,227$27,662$317,403
14$504,703$147,021$28,768$328,914
15$524,891$154,087$29,919$340,886
16$545,887$161,435$31,116$353,336
17$567,723$169,078$32,360$366,285
18$590,431$177,026$33,655$379,751
19$614,049$185,386$35,001$393,662
20$638,611$194,474$36,401$407,736
21$664,155$203,925$37,857$422,373
22$690,721$213,755$39,371$437,596
23$718,350$223,977$40,946$453,427
24$747,084$234,609$42,584$469,891
25$776,967$245,666$44,287$487,015
26$808,046$257,165$46,059$504,823
27$840,368$269,124$47,901$523,343
28$873,983$281,561$49,817$542,604
29$908,942$294,496$51,810$562,636
30$945,300$307,949$53,882$583,469
Total$17,000,000$5,099,533$969,002$10,931,470

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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.