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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jul 7, 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 $450,000,000 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 7, 2023
Jackpot:$450,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,773,146$2,464,252$667,155$3,641,739
2$7,111,803$2,589,555$700,513$3,821,736
3$7,467,393$2,721,123$735,538$4,010,732
4$7,840,763$2,859,270$772,315$4,209,178
5$8,232,801$3,004,324$810,931$4,417,546
6$8,644,441$3,156,631$851,477$4,636,333
7$9,076,663$3,316,553$894,051$4,866,059
8$9,530,496$3,484,471$938,754$5,107,271
9$10,007,021$3,660,786$985,692$5,360,544
10$10,507,372$3,845,915$1,034,976$5,626,481
11$11,032,741$4,040,302$1,086,725$5,905,714
12$11,584,378$4,244,408$1,141,061$6,198,909
13$12,163,597$4,458,719$1,198,114$6,506,764
14$12,771,777$4,683,745$1,258,020$6,830,012
15$13,410,365$4,920,023$1,320,921$7,169,421
16$14,080,884$5,168,115$1,386,967$7,525,802
17$14,784,928$5,428,611$1,456,315$7,900,001
18$15,524,174$5,702,132$1,529,131$8,292,911
19$16,300,383$5,989,329$1,605,588$8,705,466
20$17,115,402$6,290,887$1,685,867$9,138,648
21$17,971,172$6,607,521$1,770,160$9,593,490
22$18,869,731$6,939,988$1,858,668$10,071,074
23$19,813,217$7,289,078$1,951,602$10,572,537
24$20,803,878$7,655,623$2,049,182$11,099,073
25$21,844,072$8,040,494$2,151,641$11,651,936
26$22,936,276$8,444,610$2,259,223$12,232,443
27$24,083,090$8,868,931$2,372,184$12,841,974
28$25,287,244$9,314,468$2,490,794$13,481,982
29$26,551,606$9,782,282$2,615,333$14,153,991
30$27,879,187$10,273,487$2,746,100$14,859,600
Total$450,000,001$165,245,633$44,324,998$240,429,367

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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.