USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for May 22, 2013

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The tax information provided here is based on 2022 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 $40,000,000 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:Wed, May 22, 2013
Jackpot:$40,000,000
Federal Tax:37% marginal rate
State Tax: 6%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$226,840$42,792$443,571
2$741,732$237,396$44,504$459,832
3$771,401$248,374$46,284$476,744
4$802,257$259,790$48,135$494,332
5$834,348$271,664$50,061$512,623
6$867,722$284,012$52,063$531,646
7$902,431$296,854$54,146$551,430
8$938,528$310,210$56,312$572,006
9$976,069$324,100$58,564$593,404
10$1,015,112$338,546$60,907$615,659
11$1,055,716$353,570$63,343$638,803
12$1,097,945$369,195$65,877$662,874
13$1,141,863$385,444$68,512$687,907
14$1,187,537$402,344$71,252$713,941
15$1,235,039$419,919$74,102$741,017
16$1,284,440$438,198$77,066$769,176
17$1,335,818$457,208$80,149$798,461
18$1,389,250$476,978$83,355$828,918
19$1,444,820$497,539$86,689$860,593
20$1,502,613$518,922$90,157$893,535
21$1,562,718$541,161$93,763$927,794
22$1,625,226$564,289$97,514$963,424
23$1,690,235$588,342$101,414$1,000,479
24$1,757,845$613,358$105,471$1,039,017
25$1,828,159$639,374$109,690$1,079,095
26$1,901,285$666,430$114,077$1,120,777
27$1,977,336$694,569$118,640$1,164,127
28$2,056,430$723,834$123,386$1,209,210
29$2,138,687$754,269$128,321$1,256,097
30$2,224,235$785,922$133,454$1,304,859
Total$40,000,000$13,688,651$2,400,000$23,911,351

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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.