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Iowa Powerball Jackpot Annuity Payout Schedule for Oct 2, 2023

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The tax information provided here is based on 2025 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 $1,066,200,000 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:Mon, Oct 2, 2023
Jackpot:$1,066,200,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$16,047,840$5,894,721$609,818$9,543,301
2$16,850,232$6,191,606$640,309$10,018,317
3$17,692,744$6,503,335$672,324$10,517,084
4$18,577,381$6,830,651$705,940$11,040,790
5$19,506,249$7,174,333$741,237$11,590,679
6$20,481,562$7,535,198$778,299$12,168,065
7$21,505,641$7,914,107$817,214$12,774,319
8$22,580,923$8,311,962$858,075$13,410,886
9$23,709,969$8,729,709$900,979$14,079,281
10$24,895,467$9,168,343$946,028$14,781,096
11$26,140,241$9,628,909$993,329$15,518,002
12$27,447,253$10,112,504$1,042,996$16,291,753
13$28,819,615$10,620,278$1,095,145$17,104,192
14$30,260,596$11,153,441$1,149,903$17,957,253
15$31,773,626$11,713,262$1,207,398$18,852,966
16$33,362,307$12,301,074$1,267,768$19,793,466
17$35,030,422$12,918,276$1,331,156$20,780,990
18$36,781,944$13,566,339$1,397,714$21,817,890
19$38,621,040$14,246,805$1,467,600$22,906,636
20$40,552,093$14,961,295$1,540,980$24,049,819
21$42,579,697$15,711,508$1,618,028$25,250,160
22$44,708,682$16,499,233$1,698,930$26,510,520
23$46,944,116$17,326,343$1,783,876$27,833,897
24$49,291,322$18,194,809$1,873,070$29,223,442
25$51,755,888$19,106,699$1,966,724$30,682,465
26$54,343,683$20,064,183$2,065,060$32,214,440
27$57,060,867$21,069,541$2,168,313$33,823,013
28$59,913,910$22,125,167$2,276,729$35,512,014
29$62,909,605$23,233,574$2,390,565$37,285,466
30$66,055,086$24,397,402$2,510,093$39,147,591
Total$1,066,200,002$393,204,607$40,515,600$632,479,793

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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.