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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 $127,000,000 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, Oct 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$138,586$1,314,178
2$2,007,109$481,706$145,515$1,379,887
3$2,107,464$505,791$152,791$1,448,882
4$2,212,838$531,081$160,431$1,521,326
5$2,323,479$557,635$168,452$1,597,392
6$2,439,653$585,517$176,875$1,677,262
7$2,561,636$614,793$185,719$1,761,125
8$2,689,718$645,532$195,005$1,849,181
9$2,824,204$677,809$204,755$1,941,640
10$2,965,414$711,699$214,993$2,038,722
11$3,113,685$747,284$225,742$2,140,658
12$3,269,369$784,649$237,029$2,247,691
13$3,432,837$823,881$248,881$2,360,076
14$3,604,479$865,075$261,325$2,478,079
15$3,784,703$908,329$274,391$2,601,983
16$3,973,938$953,745$288,111$2,732,083
17$4,172,635$1,001,432$302,516$2,868,687
18$4,381,267$1,051,504$317,642$3,012,121
19$4,600,330$1,104,079$333,524$3,162,727
20$4,830,347$1,159,283$350,200$3,320,863
21$5,071,864$1,217,247$367,710$3,486,907
22$5,325,457$1,278,110$386,096$3,661,252
23$5,591,730$1,342,015$405,400$3,844,315
24$5,871,317$1,409,116$425,670$4,036,530
25$6,164,883$1,479,572$446,954$4,238,357
26$6,473,127$1,553,550$469,302$4,450,275
27$6,796,783$1,631,228$492,767$4,672,788
28$7,136,622$1,712,789$517,405$4,906,428
29$7,493,453$1,798,429$543,275$5,151,749
30$7,868,126$1,888,350$570,439$5,409,337
Total$127,000,000$30,480,000$9,207,500$87,312,500
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