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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Feb 27, 2024

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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 $563,000,000 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, Feb 27, 2024
Jackpot:$563,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,473,958$3,093,552$834,685$4,545,721
2$8,897,656$3,250,320$876,419$4,770,916
3$9,342,539$3,414,927$920,240$5,007,371
4$9,809,666$3,587,764$966,252$5,255,650
5$10,300,149$3,769,243$1,014,565$5,516,341
6$10,815,156$3,959,796$1,065,293$5,790,068
7$11,355,914$4,159,876$1,118,558$6,077,481
8$11,923,710$4,369,960$1,174,485$6,379,264
9$12,519,895$4,590,549$1,233,210$6,696,137
10$13,145,890$4,822,167$1,294,870$7,028,853
11$13,803,185$5,065,366$1,359,614$7,378,205
12$14,493,344$5,320,725$1,427,594$7,745,025
13$15,218,011$5,588,852$1,498,974$8,130,185
14$15,978,912$5,870,385$1,573,923$8,534,604
15$16,777,857$6,165,995$1,652,619$8,959,243
16$17,616,750$6,476,385$1,735,250$9,405,115
17$18,497,587$6,802,295$1,822,012$9,873,280
18$19,422,467$7,144,501$1,913,113$10,364,853
19$20,393,590$7,503,816$2,008,769$10,881,005
20$21,413,270$7,881,098$2,109,207$11,422,965
21$22,483,933$8,277,243$2,214,667$11,992,023
22$23,608,130$8,693,196$2,325,401$12,589,533
23$24,788,536$9,129,946$2,441,671$13,216,919
24$26,027,963$9,588,534$2,563,754$13,875,675
25$27,329,361$10,070,051$2,691,942$14,567,368
26$28,695,830$10,575,645$2,826,539$15,293,646
27$30,130,621$11,106,518$2,967,866$16,056,237
28$31,637,152$11,663,934$3,116,259$16,856,958
29$33,219,009$12,249,221$3,272,072$17,697,716
30$34,879,960$12,863,773$3,435,676$18,580,511
Total$563,000,001$207,055,633$55,455,499$300,488,868

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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.