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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jul 14, 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 $560,000,000 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, Jul 14, 2023
Jackpot:$560,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,428,804$3,076,845$830,237$4,521,721
2$8,850,244$3,232,778$871,749$4,745,717
3$9,292,756$3,396,507$915,336$4,980,912
4$9,757,394$3,568,424$961,103$5,227,867
5$10,245,263$3,748,935$1,009,158$5,487,170
6$10,757,527$3,938,473$1,059,616$5,759,438
7$11,295,403$4,137,487$1,112,597$6,045,319
8$11,860,173$4,346,452$1,168,227$6,345,494
9$12,453,182$4,565,865$1,226,638$6,660,678
10$13,075,841$4,796,249$1,287,970$6,991,622
11$13,729,633$5,038,152$1,352,369$7,339,112
12$14,416,115$5,292,150$1,419,987$7,703,977
13$15,136,920$5,558,848$1,490,987$8,087,085
14$15,893,767$5,838,881$1,565,536$8,489,349
15$16,688,455$6,132,916$1,643,813$8,911,726
16$17,522,878$6,441,652$1,726,003$9,355,222
17$18,399,021$6,765,826$1,812,304$9,820,892
18$19,318,972$7,106,208$1,902,919$10,309,846
19$20,284,921$7,463,608$1,998,065$10,823,248
20$21,299,167$7,838,880$2,097,968$11,362,320
21$22,364,125$8,232,914$2,202,866$11,928,345
22$23,482,332$8,646,650$2,313,010$12,522,671
23$24,656,448$9,081,074$2,428,660$13,146,715
24$25,889,270$9,537,218$2,550,093$13,801,959
25$27,183,734$10,016,169$2,677,598$14,489,967
26$28,542,921$10,519,069$2,811,478$15,212,375
27$29,970,067$11,047,113$2,952,052$15,970,903
28$31,468,570$11,601,559$3,099,654$16,767,357
29$33,041,999$12,183,727$3,254,637$17,603,635
30$34,694,099$12,795,004$3,417,369$18,481,726
Total$560,000,001$205,945,633$55,159,999$298,894,368

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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.