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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 $125,000,000 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:  Sat, May 30, 2020
Jackpot:$125,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,881,429$451,543$136,404$1,293,483
2$1,975,501$474,120$143,224$1,358,157
3$2,074,276$497,826$150,385$1,426,065
4$2,177,990$522,718$157,904$1,497,368
5$2,286,889$548,853$165,799$1,572,236
6$2,401,234$576,296$174,089$1,650,848
7$2,521,295$605,111$182,794$1,733,391
8$2,647,360$635,366$191,934$1,820,060
9$2,779,728$667,135$201,530$1,911,063
10$2,918,715$700,491$211,607$2,006,616
11$3,064,650$735,516$222,187$2,106,947
12$3,217,883$772,292$233,296$2,212,294
13$3,378,777$810,906$244,961$2,322,909
14$3,547,716$851,452$257,209$2,439,055
15$3,725,102$894,024$270,070$2,561,007
16$3,911,357$938,726$283,573$2,689,058
17$4,106,924$985,662$297,752$2,823,511
18$4,312,271$1,034,945$312,640$2,964,686
19$4,527,884$1,086,692$328,272$3,112,920
20$4,754,278$1,141,027$344,685$3,268,566
21$4,991,992$1,198,078$361,919$3,431,995
22$5,241,592$1,257,982$380,015$3,603,594
23$5,503,672$1,320,881$399,016$3,783,774
24$5,778,855$1,386,925$418,967$3,972,963
25$6,067,798$1,456,271$439,915$4,171,611
26$6,371,188$1,529,085$461,911$4,380,192
27$6,689,747$1,605,539$485,007$4,599,201
28$7,024,234$1,685,816$509,257$4,829,161
29$7,375,446$1,770,107$534,720$5,070,619
30$7,744,219$1,858,612$561,456$5,324,150
Total$125,000,000$30,000,000$9,062,500$85,937,500
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