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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 $90,000,000 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, Mar 4, 2015
Jackpot:$90,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,604,709$401,177$116,341$1,087,190
2$1,668,897$417,224$120,995$1,130,678
3$1,735,653$433,913$125,835$1,175,905
4$1,805,079$451,270$130,868$1,222,941
5$1,877,282$469,321$136,103$1,271,859
6$1,952,374$488,093$141,547$1,322,733
7$2,030,469$507,617$147,209$1,375,643
8$2,111,687$527,922$153,097$1,430,668
9$2,196,155$549,039$159,221$1,487,895
10$2,284,001$571,000$165,590$1,547,411
11$2,375,361$593,840$172,214$1,609,307
12$2,470,376$617,594$179,102$1,673,680
13$2,569,191$642,298$186,266$1,740,627
14$2,671,958$667,990$193,717$1,810,252
15$2,778,837$694,709$201,466$1,882,662
16$2,889,990$722,498$209,524$1,957,968
17$3,005,590$751,397$217,905$2,036,287
18$3,125,813$781,453$226,621$2,117,739
19$3,250,846$812,711$235,686$2,202,448
20$3,380,880$845,220$245,114$2,290,546
21$3,516,115$879,029$254,918$2,382,168
22$3,656,759$914,190$265,115$2,477,455
23$3,803,030$950,757$275,720$2,576,553
24$3,955,151$988,788$286,748$2,679,615
25$4,113,357$1,028,339$298,218$2,786,799
26$4,277,891$1,069,473$310,147$2,898,271
27$4,449,007$1,112,252$322,553$3,014,202
28$4,626,967$1,156,742$335,455$3,134,770
29$4,812,046$1,203,011$348,873$3,260,161
30$5,004,528$1,251,132$362,828$3,390,568
Total$90,000,000$22,500,000$6,525,000$60,975,000
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