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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Aug 4, 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 $1,350,000,000 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, Aug 4, 2023
Jackpot:$1,350,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$20,319,437$7,476,380$2,001,465$10,841,593
2$21,335,409$7,852,289$2,101,538$11,381,582
3$22,402,179$8,246,994$2,206,615$11,948,571
4$23,522,289$8,661,435$2,316,945$12,543,909
5$24,698,403$9,096,597$2,432,793$13,169,013
6$25,933,323$9,553,517$2,554,432$13,825,374
7$27,229,990$10,033,284$2,682,154$14,514,552
8$28,591,489$10,537,039$2,816,262$15,238,189
9$30,021,064$11,065,981$2,957,075$15,998,008
10$31,522,117$11,621,371$3,104,928$16,795,817
11$33,098,223$12,204,530$3,260,175$17,633,518
12$34,753,134$12,816,847$3,423,184$18,513,103
13$36,490,790$13,459,780$3,594,343$19,436,667
14$38,315,330$14,134,860$3,774,060$20,406,410
15$40,231,096$14,843,693$3,962,763$21,424,640
16$42,242,652$15,587,969$4,160,901$22,493,782
17$44,354,783$16,369,458$4,368,946$23,616,380
18$46,572,523$17,190,021$4,587,393$24,795,108
19$48,901,149$18,051,613$4,816,763$26,032,773
20$51,346,206$18,956,284$5,057,601$27,332,321
21$53,913,516$19,906,189$5,310,481$28,696,846
22$56,609,192$20,903,589$5,576,005$30,129,598
23$59,439,652$21,950,859$5,854,806$31,633,987
24$62,411,634$23,050,492$6,147,546$33,213,596
25$65,532,216$24,205,108$6,454,923$34,872,185
26$68,808,828$25,417,454$6,777,670$36,613,704
27$72,249,269$26,690,417$7,116,553$38,442,299
28$75,861,731$28,027,028$7,472,381$40,362,322
29$79,654,818$29,430,470$7,846,000$42,378,348
30$83,637,560$30,904,085$8,238,300$44,495,175
Total$1,350,000,003$498,245,633$132,975,001$718,779,370

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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.