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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 $478,000,000 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, Jul 30, 2016
Jackpot:$478,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,194,586$1,798,646$521,607$4,874,332
2$7,554,315$1,888,579$547,688$5,118,049
3$7,932,031$1,983,008$575,072$5,373,951
4$8,328,633$2,082,158$603,826$5,642,649
5$8,745,064$2,186,266$634,017$5,924,781
6$9,182,317$2,295,579$665,718$6,221,020
7$9,641,434$2,410,358$699,004$6,532,071
8$10,123,505$2,530,876$733,954$6,858,675
9$10,629,680$2,657,420$770,652$7,201,608
10$11,161,164$2,790,291$809,184$7,561,689
11$11,719,223$2,929,806$849,644$7,939,773
12$12,305,184$3,076,296$892,126$8,336,762
13$12,920,443$3,230,111$936,732$8,753,600
14$13,566,465$3,391,616$983,569$9,191,280
15$14,244,788$3,561,197$1,032,747$9,650,844
16$14,957,028$3,739,257$1,084,385$10,133,386
17$15,704,879$3,926,220$1,138,604$10,640,055
18$16,490,123$4,122,531$1,195,534$11,172,058
19$17,314,629$4,328,657$1,255,311$11,730,661
20$18,180,361$4,545,090$1,318,076$12,317,194
21$19,089,378$4,772,345$1,383,980$12,933,054
22$20,043,847$5,010,962$1,453,179$13,579,707
23$21,046,040$5,261,510$1,525,838$14,258,692
24$22,098,342$5,524,585$1,602,130$14,971,626
25$23,203,259$5,800,815$1,682,236$15,720,208
26$24,363,422$6,090,855$1,766,348$16,506,218
27$25,581,593$6,395,398$1,854,665$17,331,529
28$26,860,672$6,715,168$1,947,399$18,198,105
29$28,203,706$7,050,926$2,044,769$19,108,011
30$29,613,892$7,403,473$2,147,007$20,063,412
Total$478,000,001$119,500,000$34,655,000$323,845,001
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