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Mega Millions Annuity Jackpot Analysis for Minnesota (May. 25, 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 $73,000,000 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:  May. 25, 2018
Jackpot:$73,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,098,755$263,701$79,660$755,394
2$1,153,693$276,886$83,643$793,164
3$1,211,377$290,731$87,825$832,822
4$1,271,946$305,267$92,216$874,463
5$1,335,543$320,530$96,827$918,186
6$1,402,320$336,557$101,668$964,095
7$1,472,436$353,385$106,752$1,012,300
8$1,546,058$371,054$112,089$1,062,915
9$1,623,361$389,607$117,694$1,116,061
10$1,704,529$409,087$123,578$1,171,864
11$1,789,756$429,541$129,757$1,230,457
12$1,879,244$451,018$136,245$1,291,980
13$1,973,206$473,569$143,057$1,356,579
14$2,071,866$497,248$150,210$1,424,408
15$2,175,459$522,110$157,721$1,495,628
16$2,284,232$548,216$165,607$1,570,410
17$2,398,444$575,627$173,887$1,648,930
18$2,518,366$604,408$182,582$1,731,377
19$2,644,284$634,628$191,711$1,817,945
20$2,776,499$666,360$201,296$1,908,843
21$2,915,323$699,678$211,361$2,004,285
22$3,061,090$734,662$221,929$2,104,499
23$3,214,144$771,395$233,025$2,209,724
24$3,374,851$809,964$244,677$2,320,210
25$3,543,594$850,463$256,911$2,436,221
26$3,720,774$892,986$269,756$2,558,032
27$3,906,812$937,635$283,244$2,685,933
28$4,102,153$984,517$297,406$2,820,230
29$4,307,261$1,033,743$312,276$2,961,242
30$4,522,624$1,085,430$327,890$3,109,304
Total$73,000,000$17,520,000$5,292,500$50,187,500
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