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Powerball Annuity Jackpot Analysis for Minnesota

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The Powerball annuity jackpot is awarded according to an 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 would be for a resident of 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Minnesota

Drawing Date:  Wed, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$73,112$683,222
2$1,058,868$264,717$76,768$717,383
3$1,111,812$277,953$80,606$753,253
4$1,167,403$291,851$84,637$790,915
5$1,225,773$306,443$88,869$830,461
6$1,287,061$321,765$93,312$871,984
7$1,351,414$337,854$97,978$915,583
8$1,418,985$354,746$102,876$961,362
9$1,489,934$372,484$108,020$1,009,430
10$1,564,431$391,108$113,421$1,059,902
11$1,642,653$410,663$119,092$1,112,897
12$1,724,785$431,196$125,047$1,168,542
13$1,811,024$452,756$131,299$1,226,969
14$1,901,576$475,394$137,864$1,288,317
15$1,996,654$499,164$144,757$1,352,733
16$2,096,487$524,122$151,995$1,420,370
17$2,201,311$550,328$159,595$1,491,389
18$2,311,377$577,844$167,575$1,565,958
19$2,426,946$606,736$175,954$1,644,256
20$2,548,293$637,073$184,751$1,726,469
21$2,675,708$668,927$193,989$1,812,792
22$2,809,493$702,373$203,688$1,903,432
23$2,949,968$737,492$213,873$1,998,603
24$3,097,466$774,367$224,566$2,098,533
25$3,252,340$813,085$235,795$2,203,460
26$3,414,957$853,739$247,584$2,313,633
27$3,585,704$896,426$259,964$2,429,315
28$3,764,990$941,247$272,962$2,550,780
29$3,953,239$988,310$286,610$2,678,320
30$4,150,901$1,037,725$300,940$2,812,236
Total$67,000,000$16,750,000$4,857,500$45,392,500
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