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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jul 11, 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 $500,000,000 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, Jul 11, 2023
Jackpot:$500,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,525,718$2,742,703$741,283$4,041,731
2$7,902,004$2,881,929$778,347$4,241,727
3$8,297,104$3,028,116$817,265$4,451,723
4$8,711,959$3,181,613$858,128$4,672,218
5$9,147,557$3,342,784$901,034$4,903,739
6$9,604,935$3,512,014$946,086$5,146,835
7$10,085,182$3,689,705$993,390$5,402,086
8$10,589,441$3,876,281$1,043,060$5,670,100
9$11,118,913$4,072,185$1,095,213$5,951,514
10$11,674,858$4,277,885$1,149,974$6,246,999
11$12,258,601$4,493,870$1,207,472$6,557,259
12$12,871,531$4,720,654$1,267,846$6,883,031
13$13,515,108$4,958,778$1,331,238$7,225,092
14$14,190,863$5,208,807$1,397,800$7,584,256
15$14,900,406$5,471,338$1,467,690$7,961,378
16$15,645,427$5,746,996$1,541,075$8,357,356
17$16,427,698$6,036,436$1,618,128$8,773,133
18$17,249,083$6,340,348$1,699,035$9,209,700
19$18,111,537$6,659,456$1,783,986$9,668,094
20$19,017,114$6,994,520$1,873,186$10,149,408
21$19,967,969$7,346,336$1,966,845$10,654,788
22$20,966,368$7,715,744$2,065,187$11,185,437
23$22,014,686$8,103,622$2,168,447$11,742,618
24$23,115,420$8,510,893$2,276,869$12,327,658
25$24,271,191$8,938,528$2,390,712$12,941,950
26$25,484,751$9,387,546$2,510,248$13,586,957
27$26,758,989$9,859,013$2,635,760$14,264,215
28$28,096,938$10,354,055$2,767,548$14,975,335
29$29,501,785$10,873,848$2,905,926$15,722,011
30$30,976,874$11,419,631$3,051,222$16,506,021
Total$500,000,001$183,745,634$49,250,000$267,004,369

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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.