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Minnesota Mega Millions Jackpot Annuity Payout Schedule for Jul 5, 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 $162,000,000 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, Jul 5, 2024
Jackpot:$162,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,438,332$860,371$240,176$1,337,786
2$2,560,249$905,480$252,185$1,402,585
3$2,688,262$952,845$264,794$1,470,623
4$2,822,675$1,002,577$278,033$1,542,064
5$2,963,808$1,054,797$291,935$1,617,076
6$3,111,999$1,109,627$306,532$1,695,840
7$3,267,599$1,167,199$321,858$1,778,541
8$3,430,979$1,227,650$337,951$1,865,377
9$3,602,528$1,291,123$354,849$1,956,556
10$3,782,654$1,357,770$372,591$2,052,293
11$3,971,787$1,427,749$391,221$2,152,817
12$4,170,376$1,501,227$410,782$2,258,367
13$4,378,895$1,578,379$431,321$2,369,195
14$4,597,840$1,659,388$452,887$2,485,564
15$4,827,732$1,744,448$475,532$2,607,752
16$5,069,118$1,833,761$499,308$2,736,049
17$5,322,574$1,927,540$524,274$2,870,760
18$5,588,703$2,026,008$550,487$3,012,208
19$5,868,138$2,129,399$578,012$3,160,728
20$6,161,545$2,237,959$606,912$3,316,673
21$6,469,622$2,351,948$637,258$3,480,416
22$6,793,103$2,471,636$669,121$3,652,347
23$7,132,758$2,597,308$702,577$3,832,873
24$7,489,396$2,729,264$737,706$4,022,426
25$7,863,866$2,867,818$774,591$4,221,457
26$8,257,059$3,013,300$813,320$4,430,439
27$8,669,912$3,166,055$853,986$4,649,871
28$9,103,408$3,326,449$896,686$4,880,273
29$9,558,578$3,494,862$941,520$5,122,197
30$10,036,507$3,671,695$988,596$5,376,216
Total$162,000,000$58,685,632$15,957,001$87,357,369

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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.