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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 $60,000,000 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, Jul 30, 2014
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$77,561$724,794
2$1,112,598$278,150$80,663$753,785
3$1,157,102$289,276$83,890$783,937
4$1,203,386$300,847$87,245$815,294
5$1,251,522$312,880$90,735$847,906
6$1,301,583$325,396$94,365$881,822
7$1,353,646$338,411$98,139$917,095
8$1,407,792$351,948$102,065$953,779
9$1,464,103$366,026$106,147$991,930
10$1,522,667$380,667$110,393$1,031,607
11$1,583,574$395,894$114,809$1,072,871
12$1,646,917$411,729$119,401$1,115,786
13$1,712,794$428,198$124,178$1,160,418
14$1,781,306$445,326$129,145$1,206,835
15$1,852,558$463,139$134,310$1,255,108
16$1,926,660$481,665$139,683$1,305,312
17$2,003,726$500,932$145,270$1,357,525
18$2,083,876$520,969$151,081$1,411,826
19$2,167,231$541,808$157,124$1,468,299
20$2,253,920$563,480$163,409$1,527,031
21$2,344,077$586,019$169,946$1,588,112
22$2,437,840$609,460$176,743$1,651,636
23$2,535,353$633,838$183,813$1,717,702
24$2,636,767$659,192$191,166$1,786,410
25$2,742,238$685,560$198,812$1,857,866
26$2,851,928$712,982$206,765$1,932,181
27$2,966,005$741,501$215,035$2,009,468
28$3,084,645$771,161$223,637$2,089,847
29$3,208,031$802,008$232,582$2,173,441
30$3,336,352$834,088$241,886$2,260,378
Total$60,000,000$15,000,000$4,350,000$40,650,000
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