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Minnesota Mega Millions Jackpot Annuity Payout Schedule for May 29, 2020

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The tax information provided here is based on 2021 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 $336,000,000 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:Fri, May 29, 2020
Jackpot:$336,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,057,282$1,835,267$498,142$2,723,873
2$5,310,146$1,928,826$523,049$2,858,271
3$5,575,654$2,027,064$549,202$2,999,388
4$5,854,436$2,130,214$576,662$3,147,561
5$6,147,158$2,238,521$605,495$3,303,142
6$6,454,516$2,352,243$635,770$3,466,503
7$6,777,242$2,471,652$667,558$3,638,032
8$7,116,104$2,597,031$700,936$3,818,137
9$7,471,909$2,728,679$735,983$4,007,247
10$7,845,505$2,866,909$772,782$4,205,813
11$8,237,780$3,012,051$811,421$4,414,308
12$8,649,669$3,164,450$851,992$4,633,227
13$9,082,152$3,324,469$894,592$4,863,092
14$9,536,260$3,492,488$939,322$5,104,450
15$10,013,073$3,668,909$986,288$5,357,876
16$10,513,727$3,854,151$1,035,602$5,623,973
17$11,039,413$4,048,655$1,087,382$5,903,376
18$11,591,383$4,252,884$1,141,751$6,196,748
19$12,170,953$4,467,325$1,198,839$6,504,789
20$12,779,500$4,692,487$1,258,781$6,828,232
21$13,418,475$4,928,908$1,321,720$7,167,847
22$14,089,399$5,177,150$1,387,806$7,524,443
23$14,793,869$5,437,804$1,457,196$7,898,869
24$15,533,562$5,711,490$1,530,056$8,292,016
25$16,310,240$5,998,861$1,606,559$8,704,820
26$17,125,753$6,300,601$1,686,887$9,138,265
27$17,982,040$6,617,427$1,771,231$9,593,382
28$18,881,142$6,950,095$1,859,792$10,071,255
29$19,825,199$7,299,396$1,952,782$10,573,021
30$20,816,459$7,666,162$2,050,421$11,099,876
Total$336,000,001$123,242,169$33,095,999$179,661,832

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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.