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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 $50,000,000 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, Jul 26, 2014
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$64,634$603,995
2$927,165$231,791$67,219$628,154
3$964,252$241,063$69,908$653,281
4$1,002,822$250,705$72,705$679,412
5$1,042,935$260,734$75,613$706,588
6$1,084,652$271,163$78,637$734,852
7$1,128,038$282,010$81,783$764,246
8$1,173,160$293,290$85,054$794,816
9$1,220,086$305,022$88,456$826,608
10$1,268,890$317,222$91,994$859,673
11$1,319,645$329,911$95,674$894,060
12$1,372,431$343,108$99,501$929,822
13$1,427,328$356,832$103,481$967,015
14$1,484,421$371,105$107,621$1,005,695
15$1,543,798$385,950$111,925$1,045,923
16$1,605,550$401,388$116,402$1,087,760
17$1,669,772$417,443$121,058$1,131,271
18$1,736,563$434,141$125,901$1,176,521
19$1,806,025$451,506$130,937$1,223,582
20$1,878,266$469,567$136,174$1,272,526
21$1,953,397$488,349$141,621$1,323,427
22$2,031,533$507,883$147,286$1,376,364
23$2,112,794$528,199$153,178$1,431,418
24$2,197,306$549,327$159,305$1,488,675
25$2,285,198$571,300$165,677$1,548,222
26$2,376,606$594,152$172,304$1,610,151
27$2,471,671$617,918$179,196$1,674,557
28$2,570,537$642,634$186,364$1,741,539
29$2,673,359$668,340$193,819$1,811,201
30$2,780,293$695,073$201,571$1,883,649
Total$50,000,000$12,500,000$3,625,000$33,875,000
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