USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Aug 13, 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 $10,000,000 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, Aug 13, 2005
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$178,301$35,835$10,163$132,303
2$185,433$37,546$10,570$137,317
3$192,850$39,399$10,992$142,459
4$200,564$41,867$11,432$147,265
5$208,587$44,434$11,889$152,263
6$216,930$47,104$12,365$157,461
7$225,608$49,881$12,860$162,867
8$234,632$52,769$13,374$168,489
9$244,017$55,781$13,909$174,327
10$253,778$59,197$14,465$180,116
11$263,929$62,750$15,044$186,135
12$274,486$66,445$15,646$192,396
13$285,466$70,288$16,272$198,906
14$296,884$74,284$16,922$205,678
15$308,760$78,441$17,599$212,720
16$321,110$82,763$18,303$220,043
17$333,954$87,259$19,035$227,660
18$347,313$91,934$19,797$235,582
19$361,205$96,797$20,589$243,820
20$375,653$101,853$21,412$252,388
21$390,679$107,113$22,269$261,298
22$406,307$112,582$23,159$270,565
23$422,559$118,270$24,086$280,203
24$439,461$124,186$25,049$290,226
25$457,040$130,339$26,051$300,650
26$475,321$136,737$27,093$311,491
27$494,334$143,392$28,177$322,765
28$514,107$150,312$29,304$334,491
29$534,672$157,510$30,476$346,686
30$556,059$164,995$31,695$359,368
Total$10,000,000$2,622,063$569,997$6,807,938

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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.