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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 $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:  Tue, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$65,474$620,872
2$948,240$227,578$68,747$651,915
3$995,652$238,957$72,185$684,511
4$1,045,435$250,904$75,794$718,737
5$1,097,707$263,450$79,584$754,673
6$1,152,592$276,622$83,563$792,407
7$1,210,222$290,453$87,741$832,027
8$1,270,733$304,976$92,128$873,629
9$1,334,270$320,225$96,735$917,310
10$1,400,983$336,236$101,571$963,176
11$1,471,032$353,048$106,650$1,011,335
12$1,544,584$370,700$111,982$1,061,901
13$1,621,813$389,235$117,581$1,114,996
14$1,702,904$408,697$123,461$1,170,746
15$1,788,049$429,132$129,634$1,229,283
16$1,877,451$450,588$136,115$1,290,748
17$1,971,324$473,118$142,921$1,355,285
18$2,069,890$496,774$150,067$1,423,049
19$2,173,384$521,612$157,570$1,494,202
20$2,282,054$547,693$165,449$1,568,912
21$2,396,156$575,078$173,721$1,647,357
22$2,515,964$603,831$182,407$1,729,725
23$2,641,762$634,023$191,528$1,816,212
24$2,773,850$665,724$201,104$1,907,022
25$2,912,543$699,010$211,159$2,002,373
26$3,058,170$733,961$221,717$2,102,492
27$3,211,079$770,659$232,803$2,207,617
28$3,371,633$809,192$244,443$2,317,997
29$3,540,214$849,651$256,666$2,433,897
30$3,717,225$892,134$269,499$2,555,592
Total$60,000,000$14,400,000$4,350,000$41,250,000
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