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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Aug 22, 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 $33,000,000 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, Aug 22, 2023
Jackpot:$33,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$496,697$144,219$48,925$303,554
2$521,532$152,911$51,371$317,250
3$547,609$162,038$53,939$331,632
4$574,989$171,621$56,636$346,732
5$603,739$181,683$59,468$362,587
6$633,926$192,740$62,442$378,744
7$665,622$204,468$65,564$395,590
8$698,903$216,782$68,842$413,279
9$733,848$229,712$72,284$431,853
10$770,541$243,288$75,898$451,355
11$809,068$257,543$79,693$471,832
12$849,521$272,511$83,678$493,333
13$891,997$288,227$87,862$515,909
14$936,597$304,729$92,255$539,614
15$983,427$322,056$96,868$564,504
16$1,032,598$340,249$101,711$590,638
17$1,084,228$359,352$106,796$618,079
18$1,138,439$379,410$112,136$646,893
19$1,195,361$400,471$117,743$677,147
20$1,255,129$422,586$123,630$708,914
21$1,317,886$445,806$129,812$742,269
22$1,383,780$470,186$136,302$777,291
23$1,452,969$495,786$143,117$814,065
24$1,525,618$522,666$150,273$852,678
25$1,601,899$550,890$157,787$893,221
26$1,681,994$580,525$165,676$935,792
27$1,766,093$611,642$173,960$980,491
28$1,854,398$644,315$182,658$1,027,425
29$1,947,118$678,621$191,791$1,076,705
30$2,044,474$714,643$201,381$1,128,450
Total$33,000,000$10,961,676$3,250,498$18,787,826

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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.