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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 $245,000,000 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, Feb 26, 2019
Jackpot:$245,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,687,602$885,024$267,351$2,535,226
2$3,871,982$929,276$280,719$2,661,987
3$4,065,581$975,739$294,755$2,795,087
4$4,268,860$1,024,526$309,492$2,934,841
5$4,482,303$1,075,753$324,967$3,081,583
6$4,706,418$1,129,540$341,215$3,235,662
7$4,941,739$1,186,017$358,276$3,397,446
8$5,188,826$1,245,318$376,190$3,567,318
9$5,448,267$1,307,584$394,999$3,745,684
10$5,720,680$1,372,963$414,749$3,932,968
11$6,006,714$1,441,611$435,487$4,129,616
12$6,307,050$1,513,692$457,261$4,336,097
13$6,622,403$1,589,377$480,124$4,552,902
14$6,953,523$1,668,845$504,130$4,780,547
15$7,301,199$1,752,288$529,337$5,019,574
16$7,666,259$1,839,902$555,804$5,270,553
17$8,049,572$1,931,897$583,594$5,534,081
18$8,452,050$2,028,492$612,774$5,810,785
19$8,874,653$2,129,917$643,412$6,101,324
20$9,318,386$2,236,413$675,583$6,406,390
21$9,784,305$2,348,233$709,362$6,726,710
22$10,273,520$2,465,645$744,830$7,063,045
23$10,787,196$2,588,927$782,072$7,416,197
24$11,326,556$2,718,373$821,175$7,787,007
25$11,892,884$2,854,292$862,234$8,176,357
26$12,487,528$2,997,007$905,346$8,585,175
27$13,111,904$3,146,857$950,613$9,014,434
28$13,767,499$3,304,200$998,144$9,465,156
29$14,455,874$3,469,410$1,048,051$9,938,414
30$15,178,668$3,642,880$1,100,453$10,435,334
Total$245,000,000$58,800,000$17,762,500$168,437,500
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