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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Aug 29, 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 $67,000,000 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 29, 2023
Jackpot:$67,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$331,313$99,332$577,801
2$1,058,868$349,969$104,299$604,601
3$1,111,812$369,558$109,513$632,740
4$1,167,403$390,127$114,989$662,287
5$1,225,773$411,724$120,739$693,310
6$1,287,061$434,400$126,776$725,885
7$1,351,414$458,211$133,114$760,089
8$1,418,985$483,212$139,770$796,003
9$1,489,934$509,463$146,759$833,712
10$1,564,431$537,027$154,096$873,307
11$1,642,653$565,969$161,801$914,882
12$1,724,785$596,358$169,891$958,536
13$1,811,024$628,267$178,386$1,004,372
14$1,901,576$661,771$187,305$1,052,500
15$1,996,654$696,950$196,670$1,103,034
16$2,096,487$733,888$206,504$1,156,095
17$2,201,311$772,673$216,829$1,211,809
18$2,311,377$813,397$227,671$1,270,309
19$2,426,946$856,158$239,054$1,331,734
20$2,548,293$901,056$251,007$1,396,230
21$2,675,708$948,200$263,557$1,463,951
22$2,809,493$997,700$276,735$1,535,058
23$2,949,968$1,049,676$290,572$1,609,720
24$3,097,466$1,104,250$305,100$1,688,116
25$3,252,340$1,161,553$320,355$1,770,431
26$3,414,957$1,221,722$336,373$1,856,862
27$3,585,704$1,284,898$353,192$1,947,614
28$3,764,990$1,351,234$370,851$2,042,904
29$3,953,239$1,420,886$389,394$2,142,959
30$4,150,901$1,494,021$408,864$2,248,016
Total$67,000,000$23,535,631$6,599,498$36,864,867

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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.