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Iowa Powerball Jackpot Annuity Payout Schedule for May 14, 2005

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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 $112,000,000 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 14, 2005
Jackpot:$112,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,996,971$697,067$113,827$1,186,077
2$2,076,850$726,622$118,380$1,231,847
3$2,159,924$757,360$123,116$1,279,449
4$2,246,321$789,326$128,040$1,328,954
5$2,336,174$822,572$133,162$1,380,440
6$2,429,621$857,147$138,488$1,433,985
7$2,526,806$893,106$144,028$1,489,672
8$2,627,878$930,503$149,789$1,547,586
9$2,732,993$969,395$155,781$1,607,817
10$2,842,313$1,009,843$162,012$1,670,457
11$2,956,005$1,051,910$168,492$1,735,603
12$3,074,245$1,095,658$175,232$1,803,355
13$3,197,215$1,141,157$182,241$1,873,816
14$3,325,104$1,188,476$189,531$1,947,097
15$3,458,108$1,237,688$197,112$2,023,308
16$3,596,432$1,288,868$204,997$2,102,568
17$3,740,289$1,342,095$213,196$2,184,998
18$3,889,901$1,397,451$221,724$2,270,726
19$4,045,497$1,455,022$230,593$2,359,882
20$4,207,317$1,514,895$239,817$2,452,605
21$4,375,610$1,577,163$249,410$2,549,037
22$4,550,634$1,641,922$259,386$2,649,326
23$4,732,659$1,709,272$269,762$2,753,626
24$4,921,966$1,779,315$280,552$2,862,099
25$5,118,844$1,852,160$291,774$2,974,910
26$5,323,598$1,927,919$303,445$3,092,234
27$5,536,542$2,006,708$315,583$3,214,251
28$5,758,004$2,088,649$328,206$3,341,148
29$5,988,324$2,173,868$341,334$3,473,122
30$6,227,857$2,262,495$354,988$3,610,374
Total$112,000,000$40,185,632$6,383,998$65,430,369

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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.