USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Mar 27, 2023

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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 $122,200,000 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, Mar 27, 2023
Jackpot:$122,200,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,839,285$638,723$104,839$1,095,723
2$1,931,250$672,750$110,081$1,148,418
3$2,027,812$708,478$115,585$1,203,749
4$2,129,203$745,993$121,365$1,261,845
5$2,235,663$785,383$127,433$1,322,847
6$2,347,446$826,743$133,804$1,386,899
7$2,464,818$870,171$140,495$1,454,153
8$2,588,059$915,770$147,519$1,524,770
9$2,717,462$963,649$154,895$1,598,918
10$2,853,335$1,013,922$162,640$1,676,773
11$2,996,002$1,066,709$170,772$1,758,521
12$3,145,802$1,122,135$179,311$1,844,357
13$3,303,092$1,180,332$188,276$1,934,484
14$3,468,247$1,241,439$197,690$2,029,118
15$3,641,659$1,305,602$207,575$2,128,483
16$3,823,742$1,372,972$217,953$2,232,817
17$4,014,929$1,443,712$228,851$2,342,367
18$4,215,676$1,517,988$240,294$2,457,394
19$4,426,460$1,595,978$252,308$2,578,174
20$4,647,783$1,677,867$264,924$2,704,992
21$4,880,172$1,763,851$278,170$2,838,151
22$5,124,180$1,854,134$292,078$2,977,968
23$5,380,389$1,948,932$306,682$3,124,775
24$5,649,409$2,048,469$322,016$3,278,923
25$5,931,879$2,152,983$338,117$3,440,779
26$6,228,473$2,262,723$355,023$3,610,727
27$6,539,897$2,377,950$372,774$3,789,173
28$6,866,892$2,498,938$391,413$3,976,541
29$7,210,236$2,625,975$410,983$4,173,278
30$7,570,748$2,759,365$431,533$4,379,851
Total$122,200,000$43,959,636$6,965,399$71,274,968

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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.