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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 $40,000,000 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, Aug 5, 2015
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$51,707$483,196
2$741,732$185,433$53,776$502,524
3$771,401$192,850$55,927$522,624
4$802,257$200,564$58,164$543,529
5$834,348$208,587$60,490$565,271
6$867,722$216,930$62,910$587,881
7$902,431$225,608$65,426$611,397
8$938,528$234,632$68,043$635,853
9$976,069$244,017$70,765$661,287
10$1,015,112$253,778$73,596$687,738
11$1,055,716$263,929$76,539$715,248
12$1,097,945$274,486$79,601$743,858
13$1,141,863$285,466$82,785$773,612
14$1,187,537$296,884$86,096$804,556
15$1,235,039$308,760$89,540$836,739
16$1,284,440$321,110$93,122$870,208
17$1,335,818$333,954$96,847$905,016
18$1,389,250$347,313$100,721$941,217
19$1,444,820$361,205$104,749$978,866
20$1,502,613$375,653$108,939$1,018,020
21$1,562,718$390,679$113,297$1,058,741
22$1,625,226$406,307$117,829$1,101,091
23$1,690,235$422,559$122,542$1,145,135
24$1,757,845$439,461$127,444$1,190,940
25$1,828,159$457,040$132,542$1,238,578
26$1,901,285$475,321$137,843$1,288,121
27$1,977,336$494,334$143,357$1,339,645
28$2,056,430$514,107$149,091$1,393,231
29$2,138,687$534,672$155,055$1,448,961
30$2,224,235$556,059$161,257$1,506,919
Total$40,000,000$10,000,000$2,900,000$27,100,000
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