USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Jun 8, 2002

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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 $30,600,000 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, Jun 8, 2002
Jackpot:$30,600,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$545,601$161,335$31,099$353,167
2$567,425$168,974$32,343$366,108
3$590,122$176,917$33,637$379,568
4$613,727$185,267$34,982$393,478
5$638,276$194,350$36,382$407,544
6$663,807$203,796$37,837$422,174
7$690,359$213,621$39,350$437,388
8$717,974$223,838$40,925$453,211
9$746,693$234,464$42,561$469,667
10$776,560$245,515$44,264$486,781
11$807,623$257,008$46,035$504,580
12$839,928$268,961$47,876$523,091
13$873,525$281,392$49,791$542,342
14$908,466$294,320$51,783$562,363
15$944,804$307,765$53,854$583,185
16$982,597$321,749$56,008$604,840
17$1,021,901$336,291$58,248$627,361
18$1,062,777$351,415$60,578$650,783
19$1,105,288$367,144$63,001$675,142
20$1,149,499$383,502$65,521$700,475
21$1,195,479$400,515$68,142$726,822
22$1,243,298$418,208$70,868$754,222
23$1,293,030$436,609$73,703$782,719
24$1,344,751$455,746$76,651$812,355
25$1,398,541$475,648$79,717$843,176
26$1,454,483$496,346$82,906$875,231
27$1,512,662$517,873$86,222$908,568
28$1,573,169$540,260$89,671$943,238
29$1,636,096$563,543$93,257$979,295
30$1,701,539$587,757$96,988$1,016,794
Total$30,600,000$10,070,129$1,744,200$18,785,668

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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.