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Mega Millions Annuity Jackpot Analysis for Minnesota (Apr. 14, 2020 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 $145,000,000 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:  Apr. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$158,228$1,500,440
2$2,291,581$549,979$166,140$1,575,462
3$2,406,160$577,478$174,447$1,654,235
4$2,526,468$606,352$183,169$1,736,947
5$2,652,791$636,670$192,327$1,823,794
6$2,785,431$668,503$201,944$1,914,984
7$2,924,703$701,929$212,041$2,010,733
8$3,070,938$737,025$222,643$2,111,270
9$3,224,485$773,876$233,775$2,216,833
10$3,385,709$812,570$245,464$2,327,675
11$3,554,994$853,199$257,737$2,444,059
12$3,732,744$895,859$270,624$2,566,261
13$3,919,381$940,651$284,155$2,694,575
14$4,115,350$987,684$298,363$2,829,303
15$4,321,118$1,037,068$313,281$2,970,768
16$4,537,174$1,088,922$328,945$3,119,307
17$4,764,032$1,143,368$345,392$3,275,272
18$5,002,234$1,200,536$362,662$3,439,036
19$5,252,346$1,260,563$380,795$3,610,988
20$5,514,963$1,323,591$399,835$3,791,537
21$5,790,711$1,389,771$419,827$3,981,114
22$6,080,247$1,459,259$440,818$4,180,170
23$6,384,259$1,532,222$462,859$4,389,178
24$6,703,472$1,608,833$486,002$4,608,637
25$7,038,645$1,689,275$510,302$4,839,069
26$7,390,578$1,773,739$535,817$5,081,022
27$7,760,107$1,862,426$562,608$5,335,073
28$8,148,112$1,955,547$590,738$5,601,827
29$8,555,518$2,053,324$620,275$5,881,918
30$8,983,293$2,155,990$651,289$6,176,014
Total$145,000,000$34,800,000$10,512,500$99,687,500
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