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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 $90,000,000 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:  Fri, Aug 23, 2019
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$98,211$931,308
2$1,422,361$341,367$103,121$977,873
3$1,493,479$358,435$108,277$1,026,767
4$1,568,153$376,357$113,691$1,078,105
5$1,646,560$395,174$119,376$1,132,010
6$1,728,888$414,933$125,344$1,188,611
7$1,815,333$435,680$131,612$1,248,041
8$1,906,099$457,464$138,192$1,310,443
9$2,001,404$480,337$145,102$1,375,965
10$2,101,474$504,354$152,357$1,444,764
11$2,206,548$529,572$159,975$1,517,002
12$2,316,876$556,050$167,973$1,592,852
13$2,432,719$583,853$176,372$1,672,495
14$2,554,355$613,045$185,191$1,756,119
15$2,682,073$643,698$194,450$1,843,925
16$2,816,177$675,882$204,173$1,936,122
17$2,956,986$709,677$214,381$2,032,928
18$3,104,835$745,160$225,101$2,134,574
19$3,260,077$782,418$236,356$2,241,303
20$3,423,080$821,539$248,173$2,353,368
21$3,594,234$862,616$260,582$2,471,036
22$3,773,946$905,747$273,611$2,594,588
23$3,962,643$951,034$287,292$2,724,317
24$4,160,776$998,586$301,656$2,860,533
25$4,368,814$1,048,515$316,739$3,003,560
26$4,587,255$1,100,941$332,576$3,153,738
27$4,816,618$1,155,988$349,205$3,311,425
28$5,057,449$1,213,788$366,665$3,476,996
29$5,310,321$1,274,477$384,998$3,650,846
30$5,575,837$1,338,201$404,248$3,833,388
Total$90,000,000$21,600,000$6,525,000$61,875,000
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