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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jan 8, 2013

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $47,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.

State:

Minnesota

Drawing Date:Tue, Jan 8, 2013
Jackpot:$47,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$224,699$69,681$413,037
2$742,788$237,787$73,165$431,837
3$779,928$251,528$76,823$451,577
4$818,924$265,957$80,664$472,303
5$859,870$281,107$84,697$494,066
6$902,864$297,015$88,932$516,917
7$948,007$313,718$93,379$540,911
8$995,407$331,256$98,048$566,104
9$1,045,178$349,671$102,950$592,557
10$1,097,437$369,007$108,098$620,333
11$1,152,308$389,309$113,502$649,497
12$1,209,924$410,627$119,178$680,120
13$1,270,420$433,010$125,136$712,273
14$1,333,941$456,513$131,393$746,035
15$1,400,638$481,191$137,963$781,484
16$1,470,670$507,103$144,861$818,706
17$1,544,204$534,310$152,104$857,789
18$1,621,414$562,878$159,709$898,826
19$1,702,484$592,874$167,695$941,915
20$1,787,609$624,370$176,079$987,159
21$1,876,989$657,441$184,883$1,034,665
22$1,970,839$692,165$194,128$1,084,546
23$2,069,380$728,626$203,834$1,136,921
24$2,172,849$766,909$214,026$1,191,914
25$2,281,492$807,107$224,727$1,249,658
26$2,395,567$849,315$235,963$1,310,289
27$2,515,345$893,633$247,761$1,373,951
28$2,641,112$940,166$260,150$1,440,796
29$2,773,168$989,027$273,157$1,510,984
30$2,911,826$1,040,331$286,815$1,584,681
Total$47,000,000$16,278,650$4,629,501$26,091,851

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.