USA Mega

Minnesota Mega Millions Jackpot Annuity Payout Schedule for Aug 6, 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 $20,000,000 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, Aug 6, 2013
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$79,113$29,651$192,264
2$316,080$84,381$31,134$200,565
3$331,884$89,912$32,691$209,281
4$348,478$95,720$34,325$218,433
5$365,902$101,819$36,041$228,042
6$384,197$108,222$37,843$238,132
7$403,407$114,946$39,736$248,726
8$423,578$122,005$41,722$259,850
9$444,757$129,418$43,809$271,530
10$466,994$137,201$45,999$283,794
11$490,344$145,373$48,299$296,672
12$514,861$153,954$50,714$310,193
13$540,604$162,979$53,250$324,376
14$567,635$172,980$55,912$338,743
15$596,016$183,481$58,708$353,828
16$625,817$194,507$61,643$369,667
17$657,108$206,085$64,725$386,298
18$689,963$218,241$67,961$403,760
19$724,461$231,006$71,359$422,096
20$760,685$244,408$74,927$441,349
21$798,719$258,481$78,674$461,564
22$838,655$273,257$82,607$482,790
23$880,587$288,772$86,738$505,077
24$924,617$305,063$91,075$528,479
25$970,848$322,169$95,628$553,051
26$1,019,390$340,129$100,410$578,851
27$1,070,360$358,988$105,430$605,941
28$1,123,878$378,790$110,702$634,386
29$1,180,071$399,581$116,237$664,253
30$1,239,075$421,413$122,049$695,613
Total$20,000,000$6,322,394$1,969,999$11,707,604

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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.