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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 $154,000,000 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, Aug 31, 2016
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,317,921$579,480$168,049$1,570,391
2$2,433,817$608,454$176,452$1,648,911
3$2,555,508$638,877$185,274$1,731,357
4$2,683,283$670,821$194,538$1,817,924
5$2,817,447$704,362$204,265$1,908,821
6$2,958,320$739,580$214,478$2,004,262
7$3,106,236$776,559$225,202$2,104,475
8$3,261,548$815,387$236,462$2,209,699
9$3,424,625$856,156$248,285$2,320,183
10$3,595,856$898,964$260,700$2,436,193
11$3,775,649$943,912$273,735$2,558,002
12$3,964,432$991,108$287,421$2,685,902
13$4,162,653$1,040,663$301,792$2,820,197
14$4,370,786$1,092,696$316,882$2,961,207
15$4,589,325$1,147,331$332,726$3,109,268
16$4,818,791$1,204,698$349,362$3,264,731
17$5,059,731$1,264,933$366,830$3,427,968
18$5,312,717$1,328,179$385,172$3,599,366
19$5,578,353$1,394,588$404,431$3,779,334
20$5,857,271$1,464,318$424,652$3,968,301
21$6,150,134$1,537,534$445,885$4,166,716
22$6,457,641$1,614,410$468,179$4,375,052
23$6,780,523$1,695,131$491,588$4,593,805
24$7,119,549$1,779,887$516,167$4,823,495
25$7,475,527$1,868,882$541,976$5,064,669
26$7,849,303$1,962,326$569,074$5,317,903
27$8,241,768$2,060,442$597,528$5,583,798
28$8,653,857$2,163,464$627,405$5,862,988
29$9,086,550$2,271,637$658,775$6,156,137
30$9,540,877$2,385,219$691,714$6,463,944
Total$154,000,000$38,500,000$11,165,000$104,335,000
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