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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 $171,000,000 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, 2015
Jackpot:$171,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,048,947$762,237$221,049$2,065,662
2$3,170,905$792,726$229,891$2,148,288
3$3,297,741$824,435$239,086$2,234,220
4$3,429,651$857,413$248,650$2,323,588
5$3,566,837$891,709$258,596$2,416,532
6$3,709,510$927,378$268,939$2,513,193
7$3,857,891$964,473$279,697$2,613,721
8$4,012,206$1,003,052$290,885$2,718,270
9$4,172,694$1,043,174$302,520$2,827,000
10$4,339,602$1,084,901$314,621$2,940,080
11$4,513,186$1,128,297$327,206$3,057,684
12$4,693,714$1,173,428$340,294$3,179,991
13$4,881,462$1,220,366$353,906$3,307,191
14$5,076,721$1,269,180$368,062$3,439,478
15$5,279,790$1,319,947$382,785$3,577,057
16$5,490,981$1,372,745$398,096$3,720,140
17$5,710,620$1,427,655$414,020$3,868,945
18$5,939,045$1,484,761$430,581$4,023,703
19$6,176,607$1,544,152$447,804$4,184,651
20$6,423,671$1,605,918$465,716$4,352,037
21$6,680,618$1,670,155$484,345$4,526,119
22$6,947,843$1,736,961$503,719$4,707,164
23$7,225,757$1,806,439$523,867$4,895,450
24$7,514,787$1,878,697$544,822$5,091,268
25$7,815,378$1,953,845$566,615$5,294,919
26$8,127,994$2,031,998$589,280$5,506,716
27$8,453,113$2,113,278$612,851$5,726,984
28$8,791,238$2,197,809$637,365$5,956,064
29$9,142,887$2,285,722$662,859$6,194,306
30$9,508,603$2,377,151$689,374$6,442,078
Total$171,000,000$42,750,000$12,397,500$115,852,500
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