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Mega Millions Annuity Jackpot Analysis for Minnesota (Jul. 28, 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 $20,000,000 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:  Jul. 28, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$21,825$206,957
2$316,080$75,859$22,916$217,305
3$331,884$79,652$24,062$228,170
4$348,478$83,635$25,265$239,579
5$365,902$87,817$26,528$251,558
6$384,197$92,207$27,854$264,136
7$403,407$96,818$29,247$277,342
8$423,578$101,659$30,709$291,210
9$444,757$106,742$32,245$305,770
10$466,994$112,079$33,857$321,059
11$490,344$117,683$35,550$337,112
12$514,861$123,567$37,327$353,967
13$540,604$129,745$39,194$371,665
14$567,635$136,232$41,154$390,249
15$596,016$143,044$43,211$409,761
16$625,817$150,196$45,372$430,249
17$657,108$157,706$47,640$451,762
18$689,963$165,591$50,022$474,350
19$724,461$173,871$52,523$498,067
20$760,685$182,564$55,150$522,971
21$798,719$191,693$57,907$549,119
22$838,655$201,277$60,802$576,575
23$880,587$211,341$63,843$605,404
24$924,617$221,908$67,035$635,674
25$970,848$233,003$70,386$667,458
26$1,019,390$244,654$73,906$700,831
27$1,070,360$256,886$77,601$735,872
28$1,123,878$269,731$81,481$772,666
29$1,180,071$283,217$85,555$811,299
30$1,239,075$297,378$89,833$851,864
Total$20,000,000$4,800,000$1,450,000$13,750,000
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