Categories
BLOG

iowa powerball amount

Iowa Powerball Jackpot Annuity Payout Schedule for Jan 13, 2021

Media: You may freely use any information on this page, but you must credit usamega.com.

The tax information provided here is based on 2021 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 $550,000,000 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 prize money, as well as deductions claimed.

Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $8,278,289 $3,027,039 $706,138 $4,545,112
2 $8,692,204 $3,180,188 $741,445 $4,770,571
3 $9,126,814 $3,340,993 $778,517 $5,007,303
4 $9,583,155 $3,509,840 $817,443 $5,255,872
5 $10,062,312 $3,687,128 $858,315 $5,516,869
6 $10,565,428 $3,873,281 $901,231 $5,790,916
7 $11,093,700 $4,068,741 $946,293 $6,078,666
8 $11,648,385 $4,273,975 $993,607 $6,380,803
9 $12,230,804 $4,489,470 $1,043,288 $6,698,047
10 $12,842,344 $4,715,739 $1,095,452 $7,031,152
11 $13,484,461 $4,953,323 $1,150,225 $7,380,914
12 $14,158,684 $5,202,785 $1,207,736 $7,748,163
13 $14,866,618 $5,464,721 $1,268,123 $8,133,775
14 $15,609,949 $5,739,753 $1,331,529 $8,538,667
15 $16,390,447 $6,028,537 $1,398,105 $8,963,804
16 $17,209,969 $6,331,761 $1,468,010 $9,410,198
17 $18,070,467 $6,650,145 $1,541,411 $9,878,911
18 $18,973,991 $6,984,449 $1,618,481 $10,371,061
19 $19,922,690 $7,335,468 $1,699,405 $10,887,817
20 $20,918,825 $7,704,037 $1,784,376 $11,430,412
21 $21,964,766 $8,091,036 $1,873,595 $12,000,136
22 $23,063,004 $8,497,384 $1,967,274 $12,598,346
23 $24,216,155 $8,924,049 $2,065,638 $13,226,467
24 $25,426,962 $9,372,048 $2,168,920 $13,885,994
25 $26,698,310 $9,842,447 $2,277,366 $14,578,497
26 $28,033,226 $10,336,366 $2,391,234 $15,305,626
27 $29,434,887 $10,854,981 $2,510,796 $16,069,111
28 $30,906,631 $11,399,526 $2,636,336 $16,870,770
29 $32,451,963 $11,971,299 $2,768,152 $17,712,512
30 $34,074,561 $12,571,660 $2,906,560 $18,596,341
Total $550,000,001 $202,422,169 $46,915,001 $300,662,833

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.

Powerball annuity chart shows the annual net payout a Iowa jackpot winner would get after federal and state taxes.

Iowa powerball amount

CLIVE, Iowa — For nearly a year, a Powerball® ticket winning a $50,000 prize rode around forgotten in a West Des Moines man’s work car. Fast forward to this month, and it’s a bad news-good news situation for the man.

Casey Langan, 49, said he recently was part of a layoff at his company, and was therefore cleaning out his work car when he found the lottery ticket still inside the center console. He later decided to check his numbers on the Iowa Lottery’s website and got quite a shock when he saw his big win.

“It couldn’t be better timing: Christmas, just getting let go from the job,” Langan told officials on Wednesday as he claimed his prize at lottery headquarters in Clive. “It was perfect timing.”

Langan matched four of five white balls and the Powerball in the Jan. 18 drawing. He was one number away from winning that night’s $343 million jackpot.

He purchased his winning easy-pick ticket at Kwik Star, 506 W. Ninth St. in Waterloo, where he and his wife lived at the time. He admits he forgot about the ticket after putting it in the car’s console.

“It’s been sitting in that work car ever since,” he said.

Langan said he didn’t believe his eyes when he checked the lottery website, so he took his ticket to a nearby convenience store to verify the win. He said he was relieved when he heard the “Woo-hoo! You’re a winner!” recording play from the store’s lottery terminal.

Langan claimed his prize about five weeks before it would’ve expired. In Iowa, lottery players have up to 365 days from the date of the drawing to claim Powerball prizes. He said that if it weren’t for losing his job, he probably would not have uncovered the winning ticket until it was too late to claim his winnings.

“I’ve been driving around for a year with $50,000 in the car, really,” he said. “If I didn’t get laid off, I don’t think I probably would’ve grabbed it. Things happen for a reason.”

The winning numbers in the Jan. 18 drawing were 20-24-38-56-68 and Powerball 18. The Power Play number was 2.

Langan recently moved to the Des Moines area with his wife, and said they plan to use part of his winnings for a down payment on a home.

“We’ve been walking around, like, ‘Gosh, it’d be great to be able to start looking at some houses,’” he said. “Now, with a down payment, we can start looking at them and have it be really realistic. That part’s really exciting.”

He also is in the running for a new job, and hopes his lottery luck will apply to that process as well.

His message to anyone who has a lottery ticket they have not yet checked?

“Check every single one of those!” he said.

Players in $2 Powerball choose their first five numbers from a pool of 69, and another number – called the Powerball – from a separate pool of 26. The Power Play option is available for an extra $1 per play.

CLIVE, Iowa — For nearly a year, a Powerball® ticket winning a $50,000 prize rode around forgotten in a West Des Moines man’s work car. Fast forward to this month, and it’s a bad news-good news situation for the man. ]]>