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Mega Millions Annuity Jackpot Analysis for Minnesota (Jan. 8, 2019 Drawing)

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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 $45,000,000 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:  Jan. 8, 2019
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$49,105$465,654
2$711,180$170,683$51,561$488,936
3$746,739$179,217$54,139$513,383
4$784,076$188,178$56,846$539,052
5$823,280$197,587$59,688$566,005
6$864,444$207,467$62,672$594,305
7$907,666$217,840$65,806$624,021
8$953,050$228,732$69,096$655,222
9$1,000,702$240,169$72,551$687,983
10$1,050,737$252,177$76,178$722,382
11$1,103,274$264,786$79,987$758,501
12$1,158,438$278,025$83,987$796,426
13$1,216,360$291,926$88,186$836,247
14$1,277,178$306,523$92,595$878,060
15$1,341,037$321,849$97,225$921,963
16$1,408,088$337,941$102,086$968,061
17$1,478,493$354,838$107,191$1,016,464
18$1,552,417$372,580$112,550$1,067,287
19$1,630,038$391,209$118,178$1,120,651
20$1,711,540$410,770$124,087$1,176,684
21$1,797,117$431,308$130,291$1,235,518
22$1,886,973$452,874$136,806$1,297,294
23$1,981,322$475,517$143,646$1,362,159
24$2,080,388$499,293$150,828$1,430,267
25$2,184,407$524,258$158,370$1,501,780
26$2,293,628$550,471$166,288$1,576,869
27$2,408,309$577,994$174,602$1,655,712
28$2,528,724$606,894$183,333$1,738,498
29$2,655,161$637,239$192,499$1,825,423
30$2,787,919$669,100$202,124$1,916,694
Total$45,000,000$10,800,000$3,262,500$30,937,500
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