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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 $120,000,000 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, Sep 2, 2015
Jackpot:$120,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,139,612$534,903$155,122$1,449,587
2$2,225,196$556,299$161,327$1,507,571
3$2,314,204$578,551$167,780$1,567,873
4$2,406,772$601,693$174,491$1,630,588
5$2,503,043$625,761$181,471$1,695,812
6$2,603,165$650,791$188,729$1,763,644
7$2,707,292$676,823$196,279$1,834,190
8$2,815,583$703,896$204,130$1,907,558
9$2,928,207$732,052$212,295$1,983,860
10$3,045,335$761,334$220,787$2,063,214
11$3,167,148$791,787$229,618$2,145,743
12$3,293,834$823,459$238,803$2,231,573
13$3,425,588$856,397$248,355$2,320,836
14$3,562,611$890,653$258,289$2,413,669
15$3,705,116$926,279$268,621$2,510,216
16$3,853,320$963,330$279,366$2,610,624
17$4,007,453$1,001,863$290,540$2,715,049
18$4,167,751$1,041,938$302,162$2,823,651
19$4,334,461$1,083,615$314,248$2,936,597
20$4,507,840$1,126,960$326,818$3,054,061
21$4,688,153$1,172,038$339,891$3,176,224
22$4,875,679$1,218,920$353,487$3,303,273
23$5,070,706$1,267,677$367,626$3,435,404
24$5,273,535$1,318,384$382,331$3,572,820
25$5,484,476$1,371,119$397,625$3,715,733
26$5,703,855$1,425,964$413,529$3,864,362
27$5,932,009$1,483,002$430,071$4,018,936
28$6,169,290$1,542,322$447,274$4,179,694
29$6,416,061$1,604,015$465,164$4,346,882
30$6,672,704$1,668,176$483,771$4,520,757
Total$120,000,000$30,000,000$8,700,000$81,300,000
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