USA Mega

Iowa Powerball Jackpot Annuity Payout Schedule for Apr 24, 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 $28,200,000 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, Apr 24, 2023
Jackpot:$28,200,000
Federal Tax:37% marginal rate
State Tax: 5.7%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$424,450$118,932$24,194$281,324
2$445,673$126,360$25,403$293,909
3$467,957$134,160$26,674$307,124
4$491,354$142,349$28,007$320,998
5$515,922$150,948$29,408$335,567
6$541,718$159,976$30,878$350,864
7$568,804$169,456$32,422$366,926
8$597,244$179,410$34,043$383,791
9$627,107$190,217$35,745$401,144
10$658,462$201,819$37,532$419,111
11$691,385$214,000$39,409$437,976
12$725,954$226,791$41,379$457,784
13$762,252$240,221$43,448$478,583
14$800,365$254,323$45,621$500,421
15$840,383$269,129$47,902$523,352
16$882,402$284,677$50,297$547,429
17$926,522$301,001$52,812$572,709
18$972,848$318,142$55,452$599,254
19$1,021,491$336,139$58,225$627,126
20$1,072,565$355,037$61,136$656,392
21$1,126,193$374,879$64,193$687,121
22$1,182,503$395,714$67,403$719,387
23$1,241,628$417,590$70,773$753,265
24$1,303,710$440,560$74,311$788,838
25$1,368,895$464,679$78,027$826,189
26$1,437,340$490,004$81,928$865,408
27$1,509,207$516,594$86,025$906,588
28$1,584,667$544,515$90,326$949,827
29$1,663,901$573,831$94,842$995,227
30$1,747,096$604,613$99,584$1,042,898
Total$28,200,000$9,196,066$1,607,399$17,396,532

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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.