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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 $80,000,000 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, May 25, 2016
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,204,115$301,029$87,298$815,788
2$1,264,321$316,080$91,663$856,577
3$1,327,537$331,884$96,246$899,406
4$1,393,913$348,478$101,059$944,376
5$1,463,609$365,902$106,112$991,595
6$1,536,790$384,197$111,417$1,041,175
7$1,613,629$403,407$116,988$1,093,234
8$1,694,310$423,578$122,838$1,147,895
9$1,779,026$444,757$128,979$1,205,290
10$1,867,977$466,994$135,428$1,265,555
11$1,961,376$490,344$142,200$1,328,832
12$2,059,445$514,861$149,310$1,395,274
13$2,162,417$540,604$156,775$1,465,038
14$2,270,538$567,635$164,614$1,538,290
15$2,384,065$596,016$172,845$1,615,204
16$2,503,268$625,817$181,487$1,695,964
17$2,628,432$657,108$190,561$1,780,762
18$2,759,853$689,963$200,089$1,869,801
19$2,897,846$724,461$210,094$1,963,291
20$3,042,738$760,685$220,599$2,061,455
21$3,194,875$798,719$231,628$2,164,528
22$3,354,619$838,655$243,210$2,272,754
23$3,522,350$880,587$255,370$2,386,392
24$3,698,467$924,617$268,139$2,505,712
25$3,883,391$970,848$281,546$2,630,997
26$4,077,560$1,019,390$295,623$2,762,547
27$4,281,438$1,070,360$310,404$2,900,674
28$4,495,510$1,123,878$325,924$3,045,708
29$4,720,286$1,180,071$342,221$3,197,993
30$4,956,300$1,239,075$359,332$3,357,893
Total$80,000,000$20,000,000$5,800,000$54,200,000
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