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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jun 23, 2023

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The tax information provided here is based on 2024 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 $320,000,000 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:Fri, Jun 23, 2023
Jackpot:$320,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,816,459$1,740,278$474,421$2,601,760
2$5,057,282$1,829,382$498,142$2,729,758
3$5,310,146$1,922,942$523,049$2,864,155
4$5,575,654$2,021,180$549,202$3,005,272
5$5,854,436$2,124,329$576,662$3,153,445
6$6,147,158$2,232,636$605,495$3,309,027
7$6,454,516$2,346,359$635,770$3,472,388
8$6,777,242$2,465,767$667,558$3,643,916
9$7,116,104$2,591,146$700,936$3,824,022
10$7,471,909$2,722,794$735,983$4,013,132
11$7,845,505$2,861,024$772,782$4,211,698
12$8,237,780$3,006,166$811,421$4,420,192
13$8,649,669$3,158,565$851,992$4,639,111
14$9,082,152$3,318,584$894,592$4,868,976
15$9,536,260$3,486,604$939,322$5,110,334
16$10,013,073$3,663,025$986,288$5,363,761
17$10,513,726$3,848,267$1,035,602$5,629,858
18$11,039,413$4,042,770$1,087,382$5,909,260
19$11,591,383$4,247,000$1,141,751$6,202,633
20$12,170,953$4,461,440$1,198,839$6,510,674
21$12,779,500$4,686,603$1,258,781$6,834,117
22$13,418,475$4,923,024$1,321,720$7,173,732
23$14,089,399$5,171,265$1,387,806$7,530,328
24$14,793,869$5,431,919$1,457,196$7,904,754
25$15,533,562$5,705,606$1,530,056$8,297,901
26$16,310,241$5,992,977$1,606,559$8,710,705
27$17,125,753$6,294,716$1,686,887$9,144,150
28$17,982,040$6,611,543$1,771,231$9,599,267
29$18,881,142$6,944,210$1,859,792$10,077,139
30$19,825,199$7,293,512$1,952,782$10,578,906
Total$320,000,001$117,145,633$31,519,999$171,334,371

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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.