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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 $304,000,000 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, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$331,734$3,145,750
2$4,804,418$1,153,060$348,320$3,303,037
3$5,044,639$1,210,713$365,736$3,468,189
4$5,296,871$1,271,249$384,023$3,641,599
5$5,561,714$1,334,811$403,224$3,823,679
6$5,839,800$1,401,552$423,386$4,014,863
7$6,131,790$1,471,630$444,555$4,215,606
8$6,438,380$1,545,211$466,783$4,426,386
9$6,760,299$1,622,472$490,122$4,647,705
10$7,098,314$1,703,595$514,628$4,880,091
11$7,453,229$1,788,775$540,359$5,124,095
12$7,825,891$1,878,214$567,377$5,380,300
13$8,217,185$1,972,124$595,746$5,649,315
14$8,628,045$2,070,731$625,533$5,931,781
15$9,059,447$2,174,267$656,810$6,228,370
16$9,512,419$2,282,981$689,650$6,539,788
17$9,988,040$2,397,130$724,133$6,866,778
18$10,487,442$2,516,986$760,340$7,210,116
19$11,011,814$2,642,835$798,357$7,570,622
20$11,562,405$2,774,977$838,274$7,949,153
21$12,140,525$2,913,726$880,188$8,346,611
22$12,747,551$3,059,412$924,197$8,763,942
23$13,384,929$3,212,383$970,407$9,202,139
24$14,054,175$3,373,002$1,018,928$9,662,246
25$14,756,884$3,541,652$1,069,874$10,145,358
26$15,494,729$3,718,735$1,123,368$10,652,626
27$16,269,465$3,904,672$1,179,536$11,185,257
28$17,082,938$4,099,905$1,238,513$11,744,520
29$17,937,085$4,304,900$1,300,439$12,331,746
30$18,833,939$4,520,145$1,365,461$12,948,333
Total$304,000,001$72,960,000$22,040,000$209,000,000
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