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Powerball Annuity Jackpot Analysis for Minnesota

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $128,000,000 would be for a resident of Minnesota, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Minnesota

Drawing Date:  Sat, Apr 19, 2014
Jackpot:$128,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,282,253$570,563$165,463$1,546,226
2$2,373,543$593,386$172,082$1,608,075
3$2,468,485$617,121$178,965$1,672,398
4$2,567,224$641,806$186,124$1,739,294
5$2,669,913$667,478$193,569$1,808,866
6$2,776,709$694,177$201,311$1,881,221
7$2,887,778$721,944$209,364$1,956,469
8$3,003,289$750,822$217,738$2,034,728
9$3,123,420$780,855$226,448$2,116,117
10$3,248,357$812,089$235,506$2,200,762
11$3,378,291$844,573$244,926$2,288,792
12$3,513,423$878,356$254,723$2,380,344
13$3,653,960$913,490$264,912$2,475,558
14$3,800,118$950,030$275,509$2,574,580
15$3,952,123$988,031$286,529$2,677,563
16$4,110,208$1,027,552$297,990$2,784,666
17$4,274,616$1,068,654$309,910$2,896,053
18$4,445,601$1,111,400$322,306$3,011,895
19$4,623,425$1,155,856$335,198$3,132,371
20$4,808,362$1,202,091$348,606$3,257,665
21$5,000,697$1,250,174$362,551$3,387,972
22$5,200,725$1,300,181$377,053$3,523,491
23$5,408,754$1,352,188$392,135$3,664,431
24$5,625,104$1,406,276$407,820$3,811,008
25$5,850,108$1,462,527$424,133$3,963,448
26$6,084,112$1,521,028$441,098$4,121,986
27$6,327,477$1,581,869$458,742$4,286,865
28$6,580,576$1,645,144$477,092$4,458,340
29$6,843,799$1,710,950$496,175$4,636,674
30$7,117,551$1,779,388$516,022$4,822,141
Total$128,000,000$32,000,000$9,280,000$86,720,000
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