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Iowa Powerball Jackpot Annuity Payout Schedule for Oct 23, 2024

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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 $478,200,000 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:Wed, Oct 23, 2024
Jackpot:$478,200,000
Federal Tax:37% marginal rate
State Tax: 3.8%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,197,596$2,620,131$273,509$4,303,957
2$7,557,476$2,753,286$287,184$4,517,006
3$7,935,350$2,893,100$301,543$4,740,707
4$8,332,118$3,039,904$316,620$4,975,593
5$8,748,723$3,194,048$332,451$5,222,224
6$9,186,159$3,355,899$349,074$5,481,186
7$9,645,468$3,525,843$366,528$5,753,097
8$10,127,741$3,704,284$384,854$6,038,602
9$10,634,128$3,891,648$404,097$6,338,383
10$11,165,834$4,088,379$424,302$6,653,154
11$11,724,126$4,294,947$445,517$6,983,662
12$12,310,332$4,511,843$467,793$7,330,696
13$12,925,849$4,739,584$491,182$7,695,082
14$13,572,141$4,978,713$515,741$8,077,687
15$14,250,748$5,229,797$541,528$8,479,423
16$14,963,286$5,493,436$568,605$8,901,245
17$15,711,450$5,770,257$597,035$9,344,158
18$16,497,023$6,060,919$626,887$9,809,217
19$17,321,874$6,366,113$658,231$10,297,529
20$18,187,967$6,686,568$691,143$10,810,256
21$19,097,366$7,023,046$725,700$11,348,620
22$20,052,234$7,376,347$761,985$11,913,902
23$21,054,846$7,747,313$800,084$12,507,448
24$22,107,588$8,136,828$840,088$13,130,672
25$23,212,967$8,545,818$882,093$13,785,056
26$24,373,616$8,975,258$926,197$14,472,160
27$25,592,297$9,426,170$972,507$15,193,619
28$26,871,911$9,899,627$1,021,133$15,951,151
29$28,215,507$10,396,758$1,072,189$16,746,560
30$29,626,282$10,918,745$1,125,799$17,581,739
Total$478,200,001$175,644,609$18,171,599$284,383,791

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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.