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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jan 31, 2023

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The tax information provided here is based on 2025 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 $31,000,000 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 money, as well as deductions claimed.

State:

Minnesota

Drawing Date:Tue, Jan 31, 2023
Jackpot:$31,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$466,594$132,855$45,960$287,780
2$489,924$141,021$48,258$300,646
3$514,420$149,594$50,670$314,156
4$540,141$158,597$53,204$328,341
5$567,149$168,049$55,864$343,235
6$595,506$177,974$58,657$358,874
7$625,281$188,396$61,590$375,295
8$656,545$199,942$64,670$391,934
9$689,373$212,088$67,903$409,381
10$723,841$224,841$71,298$427,701
11$760,033$238,233$74,863$446,937
12$798,035$252,293$78,606$467,135
13$837,937$267,057$82,537$488,343
14$879,834$282,559$86,664$510,611
15$923,825$298,836$90,997$533,993
16$970,016$315,926$95,547$558,543
17$1,018,517$333,872$100,324$584,322
18$1,069,443$352,714$105,340$611,389
19$1,122,915$372,499$110,607$639,809
20$1,179,061$393,273$116,138$669,651
21$1,238,014$415,085$121,944$700,984
22$1,299,915$437,989$128,042$733,884
23$1,364,911$462,037$134,444$768,430
24$1,433,156$487,288$141,166$804,702
25$1,504,814$513,801$148,224$842,788
26$1,580,055$541,640$155,635$882,779
27$1,659,057$570,871$163,417$924,769
28$1,742,010$601,564$171,588$968,858
29$1,829,111$633,791$180,167$1,015,152
30$1,920,566$667,630$189,176$1,063,761
Total$31,000,000$10,192,315$3,053,500$17,754,183

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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.