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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jun 30, 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 $368,000,000 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 30, 2023
Jackpot:$368,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,538,928$2,007,591$545,584$2,985,753
2$5,815,875$2,110,061$572,864$3,132,950
3$6,106,668$2,217,655$601,507$3,287,506
4$6,412,002$2,330,628$631,582$3,449,791
5$6,732,602$2,449,250$663,161$3,620,190
6$7,069,232$2,573,804$696,319$3,799,109
7$7,422,694$2,704,584$731,135$3,986,974
8$7,793,828$2,841,904$767,692$4,184,232
9$8,183,520$2,986,090$806,077$4,391,353
10$8,592,695$3,137,485$846,381$4,608,830
11$9,022,330$3,296,450$888,700$4,837,181
12$9,473,447$3,463,363$933,135$5,076,949
13$9,947,119$3,638,622$979,791$5,328,706
14$10,444,475$3,822,644$1,028,781$5,593,051
15$10,966,699$4,015,866$1,080,220$5,870,613
16$11,515,034$4,218,750$1,134,231$6,162,053
17$12,090,785$4,431,778$1,190,942$6,468,065
18$12,695,325$4,655,458$1,250,489$6,789,377
19$13,330,091$4,890,321$1,313,014$7,126,756
20$13,996,596$5,136,928$1,378,665$7,481,003
21$14,696,425$5,395,865$1,447,598$7,852,962
22$15,431,246$5,667,749$1,519,978$8,243,520
23$16,202,809$5,953,227$1,595,977$8,653,605
24$17,012,949$6,252,979$1,675,775$9,084,195
25$17,863,597$6,567,718$1,759,564$9,536,314
26$18,756,777$6,898,195$1,847,543$10,011,039
27$19,694,616$7,245,195$1,939,920$10,509,500
28$20,679,346$7,609,546$2,036,916$11,032,885
29$21,713,313$7,992,114$2,138,761$11,582,438
30$22,798,979$8,393,810$2,245,699$12,159,470
Total$368,000,001$134,905,630$36,248,001$196,846,370

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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.