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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 $31,000,000 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 14, 2020
Jackpot:$31,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$111,983$33,828$320,784
2$489,924$117,582$35,520$336,823
3$514,420$123,461$37,295$353,664
4$540,141$129,634$39,160$371,347
5$567,149$136,116$41,118$389,915
6$595,506$142,921$43,174$409,410
7$625,281$150,068$45,333$429,881
8$656,545$157,571$47,600$451,375
9$689,373$165,449$49,980$473,944
10$723,841$173,722$52,478$497,641
11$760,033$182,408$55,102$522,523
12$798,035$191,528$57,858$548,649
13$837,937$201,105$60,750$576,081
14$879,834$211,160$63,788$604,886
15$923,825$221,718$66,977$635,130
16$970,016$232,804$70,326$666,886
17$1,018,517$244,444$73,843$700,231
18$1,069,443$256,666$77,535$735,242
19$1,122,915$269,500$81,411$772,004
20$1,179,061$282,975$85,482$810,604
21$1,238,014$297,123$89,756$851,135
22$1,299,915$311,980$94,244$893,691
23$1,364,911$327,579$98,956$938,376
24$1,433,156$343,957$103,904$985,295
25$1,504,814$361,155$109,099$1,034,560
26$1,580,055$379,213$114,554$1,086,288
27$1,659,057$398,174$120,282$1,140,602
28$1,742,010$418,082$126,296$1,197,632
29$1,829,111$438,987$132,611$1,257,514
30$1,920,566$460,936$139,241$1,320,389
Total$31,000,000$7,440,000$2,247,500$21,312,500
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