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Iowa Powerball Jackpot Annuity Payout Schedule for Apr 24, 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 $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: 3.8%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$424,450$118,105$16,129$290,216
2$445,673$125,533$16,936$303,205
3$467,957$133,332$17,782$316,842
4$491,354$141,521$18,671$331,162
5$515,922$150,120$19,605$346,197
6$541,718$159,149$20,585$361,984
7$568,804$168,629$21,615$378,561
8$597,244$178,583$22,695$395,966
9$627,107$189,050$23,830$414,227
10$658,462$200,651$25,022$432,789
11$691,385$212,833$26,273$452,280
12$725,954$225,623$27,586$472,745
13$762,252$239,054$28,966$494,233
14$800,365$253,155$30,414$516,796
15$840,383$267,962$31,935$540,486
16$882,402$283,509$33,531$565,362
17$926,522$299,833$35,208$591,481
18$972,848$316,974$36,968$618,906
19$1,021,491$334,972$38,817$647,702
20$1,072,565$353,869$40,757$677,938
21$1,126,193$373,712$42,795$709,686
22$1,182,503$394,546$44,935$743,022
23$1,241,628$416,423$47,182$778,024
24$1,303,710$439,393$49,541$814,776
25$1,368,895$463,511$52,018$853,366
26$1,437,340$488,836$54,619$893,885
27$1,509,207$515,427$57,350$936,430
28$1,584,667$543,347$60,217$981,103
29$1,663,901$572,663$63,228$1,028,009
30$1,747,096$603,446$66,390$1,077,260
Total$28,200,000$9,163,761$1,071,600$17,964,639

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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.