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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 $153,000,000 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, Jan 21, 2017
Jackpot:$153,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,302,870$575,717$166,958$1,560,194
2$2,418,013$604,503$175,306$1,638,204
3$2,538,914$634,728$184,071$1,720,114
4$2,665,859$666,465$193,275$1,806,120
5$2,799,152$699,788$202,939$1,896,426
6$2,939,110$734,777$213,085$1,991,247
7$3,086,066$771,516$223,740$2,090,809
8$3,240,369$810,092$234,927$2,195,350
9$3,402,387$850,597$246,673$2,305,117
10$3,572,507$893,127$259,007$2,420,373
11$3,751,132$937,783$271,957$2,541,392
12$3,938,688$984,672$285,555$2,668,461
13$4,135,623$1,033,906$299,833$2,801,885
14$4,342,404$1,085,601$314,824$2,941,979
15$4,559,524$1,139,881$330,566$3,089,078
16$4,787,501$1,196,875$347,094$3,243,532
17$5,026,875$1,256,719$364,448$3,405,708
18$5,278,219$1,319,555$382,671$3,575,994
19$5,542,130$1,385,533$401,804$3,754,793
20$5,819,237$1,454,809$421,895$3,942,533
21$6,110,199$1,527,550$442,989$4,139,659
22$6,415,708$1,603,927$465,139$4,346,642
23$6,736,494$1,684,123$488,396$4,563,975
24$7,073,319$1,768,330$512,816$4,792,173
25$7,426,984$1,856,746$538,456$5,031,782
26$7,798,334$1,949,583$565,379$5,283,371
27$8,188,250$2,047,063$593,648$5,547,540
28$8,597,663$2,149,416$623,331$5,824,917
29$9,027,546$2,256,887$654,497$6,116,162
30$9,478,923$2,369,731$687,222$6,421,971
Total$153,000,000$38,250,000$11,092,500$103,657,500
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