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Mega Millions Annuity Jackpot Analysis for Minnesota (Dec. 21, 2018 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 $305,000,000 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:  Dec. 21, 2018
Jackpot:$305,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,590,688$1,101,765$332,825$3,156,098
2$4,820,222$1,156,853$349,466$3,313,903
3$5,061,233$1,214,696$366,939$3,479,598
4$5,314,295$1,275,431$385,286$3,653,578
5$5,580,009$1,339,202$404,551$3,836,257
6$5,859,010$1,406,162$424,778$4,028,069
7$6,151,961$1,476,471$446,017$4,229,473
8$6,459,559$1,550,294$468,318$4,440,947
9$6,782,537$1,627,809$491,734$4,662,994
10$7,121,663$1,709,199$516,321$4,896,144
11$7,477,747$1,794,659$542,137$5,140,951
12$7,851,634$1,884,392$569,243$5,397,998
13$8,244,216$1,978,612$597,706$5,667,898
14$8,656,426$2,077,542$627,591$5,951,293
15$9,089,248$2,181,419$658,970$6,248,858
16$9,543,710$2,290,490$691,919$6,561,301
17$10,020,895$2,405,015$726,515$6,889,366
18$10,521,940$2,525,266$762,841$7,233,834
19$11,048,037$2,651,529$800,983$7,595,526
20$11,600,439$2,784,105$841,032$7,975,302
21$12,180,461$2,923,311$883,083$8,374,067
22$12,789,484$3,069,476$927,238$8,792,770
23$13,428,958$3,222,950$973,599$9,232,409
24$14,100,406$3,384,097$1,022,279$9,694,029
25$14,805,427$3,553,302$1,073,393$10,178,731
26$15,545,698$3,730,968$1,127,063$10,687,667
27$16,322,983$3,917,516$1,183,416$11,222,051
28$17,139,132$4,113,392$1,242,587$11,783,153
29$17,996,089$4,319,061$1,304,716$12,372,311
30$18,895,893$4,535,014$1,369,952$12,990,927
Total$305,000,001$73,200,000$22,112,500$209,687,500
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