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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 $176,000,000 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, Feb 13, 2016
Jackpot:$176,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,649,053$662,263$192,056$1,794,733
2$2,781,505$695,376$201,659$1,884,470
3$2,920,580$730,145$211,742$1,978,693
4$3,066,610$766,652$222,329$2,077,628
5$3,219,940$804,985$233,446$2,181,509
6$3,380,937$845,234$245,118$2,290,585
7$3,549,984$887,496$257,374$2,405,114
8$3,727,483$931,871$270,243$2,525,370
9$3,913,857$978,464$283,755$2,651,638
10$4,109,550$1,027,388$297,942$2,784,220
11$4,315,028$1,078,757$312,839$2,923,431
12$4,530,779$1,132,695$328,481$3,069,603
13$4,757,318$1,189,329$344,906$3,223,083
14$4,995,184$1,248,796$362,151$3,384,237
15$5,244,943$1,311,236$380,258$3,553,449
16$5,507,190$1,376,798$399,271$3,731,121
17$5,782,550$1,445,637$419,235$3,917,677
18$6,071,677$1,517,919$440,197$4,113,561
19$6,375,261$1,593,815$462,206$4,319,239
20$6,694,024$1,673,506$485,317$4,535,201
21$7,028,725$1,757,181$509,583$4,761,961
22$7,380,161$1,845,040$535,062$5,000,059
23$7,749,169$1,937,292$561,815$5,250,062
24$8,136,628$2,034,157$589,906$5,512,565
25$8,543,459$2,135,865$619,401$5,788,194
26$8,970,632$2,242,658$650,371$6,077,603
27$9,419,164$2,354,791$682,889$6,381,484
28$9,890,122$2,472,531$717,034$6,700,558
29$10,384,628$2,596,157$752,886$7,035,586
30$10,903,860$2,725,965$790,530$7,387,365
Total$176,000,000$44,000,000$12,760,000$119,240,000
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