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Mega Millions Annuity Jackpot Analysis for Minnesota (Aug. 7, 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 $55,000,000 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:  Aug. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$60,018$569,132
2$869,220$208,613$63,018$597,589
3$912,681$219,044$66,169$627,468
4$958,315$229,996$69,478$658,842
5$1,006,231$241,495$72,952$691,784
6$1,056,543$253,570$76,599$726,373
7$1,109,370$266,249$80,429$762,692
8$1,164,838$279,561$84,451$800,826
9$1,223,080$293,539$88,673$840,868
10$1,284,234$308,216$93,107$882,911
11$1,348,446$323,627$97,762$927,057
12$1,415,868$339,808$102,650$973,410
13$1,486,662$356,799$107,783$1,022,080
14$1,560,995$374,639$113,172$1,073,184
15$1,639,045$393,371$118,831$1,126,843
16$1,720,997$413,039$124,772$1,183,185
17$1,807,047$433,691$131,011$1,242,345
18$1,897,399$455,376$137,561$1,304,462
19$1,992,269$478,145$144,440$1,369,685
20$2,091,882$502,052$151,661$1,438,169
21$2,196,477$527,154$159,245$1,510,078
22$2,306,300$553,512$167,207$1,585,582
23$2,421,615$581,188$175,567$1,664,861
24$2,542,696$610,247$184,345$1,748,104
25$2,669,831$640,759$193,563$1,835,509
26$2,803,323$672,797$203,241$1,927,284
27$2,943,489$706,437$213,403$2,023,649
28$3,090,663$741,759$224,073$2,124,831
29$3,245,196$778,847$235,277$2,231,072
30$3,407,456$817,789$247,041$2,342,626
Total$55,000,000$13,200,000$3,987,500$37,812,500
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