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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 $122,000,000 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, Jun 26, 2019
Jackpot:$122,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$440,706$133,130$1,262,439
2$1,928,089$462,741$139,786$1,325,561
3$2,024,493$485,878$146,776$1,391,839
4$2,125,718$510,172$154,115$1,461,431
5$2,232,004$535,681$161,820$1,534,503
6$2,343,604$562,465$169,911$1,611,228
7$2,460,784$590,588$178,407$1,691,789
8$2,583,823$620,118$187,327$1,776,379
9$2,713,015$651,124$196,694$1,865,198
10$2,848,665$683,680$206,528$1,958,457
11$2,991,099$717,864$216,855$2,056,380
12$3,140,654$753,757$227,697$2,159,199
13$3,297,686$791,445$239,082$2,267,159
14$3,462,571$831,017$251,036$2,380,517
15$3,635,699$872,568$263,588$2,499,543
16$3,817,484$916,196$276,768$2,624,520
17$4,008,358$962,006$290,606$2,755,746
18$4,208,776$1,010,106$305,136$2,893,534
19$4,419,215$1,060,612$320,393$3,038,210
20$4,640,176$1,113,642$336,413$3,190,121
21$4,872,184$1,169,324$353,233$3,349,627
22$5,115,794$1,227,790$370,895$3,517,108
23$5,371,583$1,289,180$389,440$3,692,964
24$5,640,162$1,353,639$408,912$3,877,612
25$5,922,171$1,421,321$429,357$4,071,492
26$6,218,279$1,492,387$450,825$4,275,067
27$6,529,193$1,567,006$473,367$4,488,820
28$6,855,653$1,645,357$497,035$4,713,261
29$7,198,435$1,727,625$521,887$4,948,924
30$7,558,357$1,814,006$547,981$5,196,371
Total$122,000,000$29,280,000$8,845,000$83,875,000
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