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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Sep 1, 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 $85,000,000 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, Sep 1, 2023
Jackpot:$85,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,279,372$431,555$126,018$721,798
2$1,343,341$455,224$132,319$755,798
3$1,410,508$480,076$138,935$791,497
4$1,481,033$506,170$145,882$828,981
5$1,555,085$533,569$153,176$868,340
6$1,632,839$562,338$160,835$909,666
7$1,714,481$592,546$168,876$953,059
8$1,800,205$624,264$177,320$998,621
9$1,890,215$657,567$186,186$1,046,462
10$1,984,726$692,536$195,495$1,096,694
11$2,083,962$729,254$205,270$1,149,438
12$2,188,160$767,807$215,534$1,204,819
13$2,297,568$808,288$226,310$1,262,970
14$2,412,447$850,793$237,626$1,324,028
15$2,533,069$895,423$249,507$1,388,138
16$2,659,723$942,285$261,983$1,455,455
17$2,792,709$991,490$275,082$1,526,137
18$2,932,344$1,043,155$288,836$1,600,353
19$3,078,961$1,097,403$303,278$1,678,280
20$3,232,909$1,154,364$318,442$1,760,104
21$3,394,555$1,214,173$334,364$1,846,018
22$3,564,282$1,276,972$351,082$1,936,228
23$3,742,497$1,342,911$368,636$2,030,949
24$3,929,621$1,412,148$387,068$2,130,406
25$4,126,102$1,484,846$406,421$2,234,836
26$4,332,408$1,561,179$426,742$2,344,487
27$4,549,028$1,641,328$448,079$2,459,621
28$4,776,479$1,725,485$470,483$2,580,511
29$5,015,303$1,813,850$494,007$2,707,446
30$5,266,069$1,906,633$518,708$2,840,728
Total$85,000,000$30,195,632$8,372,500$46,431,868

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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.