USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Dec 6, 2008

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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 $30,000,000 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, Dec 6, 2008
Jackpot:$30,000,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$534,903$157,591$30,489$346,823
2$556,299$165,079$31,709$359,511
3$578,551$172,868$32,977$372,706
4$601,693$180,967$34,297$386,429
5$625,761$189,719$35,668$400,373
6$650,791$198,981$37,095$414,716
7$676,823$208,612$38,579$429,632
8$703,896$218,629$40,122$445,145
9$732,052$229,047$41,727$461,278
10$761,334$239,881$43,396$478,056
11$791,787$251,149$45,132$495,506
12$823,459$262,867$46,937$513,654
13$856,397$275,055$48,815$532,528
14$890,653$287,729$50,767$552,156
15$926,279$300,911$52,798$572,570
16$963,330$314,620$54,910$593,800
17$1,001,863$328,877$57,106$615,880
18$1,041,938$343,705$59,390$638,843
19$1,083,615$359,125$61,766$662,724
20$1,126,960$375,163$64,237$687,560
21$1,172,038$391,842$66,806$713,390
22$1,218,920$409,188$69,478$740,253
23$1,267,677$427,228$72,258$768,191
24$1,318,384$445,990$75,148$797,246
25$1,371,119$465,502$78,154$827,463
26$1,425,964$485,794$81,280$858,889
27$1,483,002$506,899$84,531$891,573
28$1,542,322$528,847$87,912$925,563
29$1,604,015$551,673$91,429$960,913
30$1,668,176$575,413$95,086$997,677
Total$30,000,000$9,848,951$1,709,999$18,441,048

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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.