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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 $150,000,000 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:  Wed, Apr 23, 2014
Jackpot:$150,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,674,515$668,629$193,902$1,811,984
2$2,781,495$695,374$201,658$1,884,463
3$2,892,755$723,189$209,725$1,959,842
4$3,008,465$752,116$218,114$2,038,235
5$3,128,804$782,201$226,838$2,119,765
6$3,253,956$813,489$235,912$2,204,555
7$3,384,115$846,029$245,348$2,292,738
8$3,519,479$879,870$255,162$2,384,447
9$3,660,258$915,065$265,369$2,479,825
10$3,806,669$951,667$275,983$2,579,018
11$3,958,935$989,734$287,023$2,682,179
12$4,117,293$1,029,323$298,504$2,789,466
13$4,281,984$1,070,496$310,444$2,901,044
14$4,453,264$1,113,316$322,862$3,017,086
15$4,631,394$1,157,849$335,776$3,137,770
16$4,816,650$1,204,163$349,207$3,263,281
17$5,009,316$1,252,329$363,175$3,393,812
18$5,209,689$1,302,422$377,702$3,529,564
19$5,418,076$1,354,519$392,811$3,670,747
20$5,634,799$1,408,700$408,523$3,817,577
21$5,860,191$1,465,048$424,864$3,970,280
22$6,094,599$1,523,650$441,858$4,129,091
23$6,338,383$1,584,596$459,533$4,294,255
24$6,591,918$1,647,980$477,914$4,466,025
25$6,855,595$1,713,899$497,031$4,644,666
26$7,129,819$1,782,455$516,912$4,830,452
27$7,415,012$1,853,753$537,588$5,023,670
28$7,711,612$1,927,903$559,092$5,224,617
29$8,020,077$2,005,019$581,456$5,433,602
30$8,340,880$2,085,220$604,714$5,650,946
Total$150,000,000$37,500,000$10,875,000$101,625,000
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