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Mega Millions Annuity Jackpot Analysis for Minnesota

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The Mega Millions 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 $109,000,000 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:  Tue, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$118,944$1,127,917
2$1,722,637$413,433$124,891$1,184,313
3$1,808,769$434,104$131,136$1,243,528
4$1,899,207$455,810$137,693$1,305,705
5$1,994,167$478,600$144,577$1,370,990
6$2,093,876$502,530$151,806$1,439,540
7$2,198,570$527,657$159,396$1,511,517
8$2,308,498$554,040$167,366$1,587,092
9$2,423,923$581,742$175,734$1,666,447
10$2,545,119$610,829$184,521$1,749,769
11$2,672,375$641,370$193,747$1,837,258
12$2,805,994$673,439$203,435$1,929,121
13$2,946,293$707,110$213,606$2,025,577
14$3,093,608$742,466$224,287$2,126,856
15$3,248,289$779,589$235,501$2,233,198
16$3,410,703$818,569$247,276$2,344,858
17$3,581,238$859,497$259,640$2,462,101
18$3,760,300$902,472$272,622$2,585,206
19$3,948,315$947,596$286,253$2,714,467
20$4,145,731$994,975$300,565$2,850,190
21$4,353,017$1,044,724$315,594$2,992,699
22$4,570,668$1,096,960$331,373$3,142,334
23$4,799,202$1,151,808$347,942$3,299,451
24$5,039,162$1,209,399$365,339$3,464,424
25$5,291,120$1,269,869$383,606$3,637,645
26$5,555,676$1,333,362$402,786$3,819,527
27$5,833,459$1,400,030$422,926$4,010,503
28$6,125,132$1,470,032$444,072$4,211,029
29$6,431,389$1,543,533$466,276$4,421,580
30$6,752,959$1,620,710$489,589$4,642,659
Total$109,000,000$26,160,000$7,902,500$74,937,500
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