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Powerball Annuity Jackpot Analysis for Minnesota (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$104,758$993,395
2$1,517,185$364,124$109,996$1,043,064
3$1,593,044$382,331$115,496$1,095,218
4$1,672,696$401,447$121,270$1,149,979
5$1,756,331$421,519$127,334$1,207,477
6$1,844,147$442,595$133,701$1,267,851
7$1,936,355$464,725$140,386$1,331,244
8$2,033,173$487,961$147,405$1,397,806
9$2,134,831$512,359$154,775$1,467,696
10$2,241,573$537,977$162,514$1,541,081
11$2,353,651$564,876$170,640$1,618,135
12$2,471,334$593,120$179,172$1,699,042
13$2,594,901$622,776$188,130$1,783,994
14$2,724,646$653,915$197,537$1,873,194
15$2,860,878$686,611$207,414$1,966,854
16$3,003,922$720,941$217,784$2,065,196
17$3,154,118$756,988$228,674$2,168,456
18$3,311,824$794,838$240,107$2,276,879
19$3,477,415$834,580$252,113$2,390,723
20$3,651,286$876,309$264,718$2,510,259
21$3,833,850$920,124$277,954$2,635,772
22$4,025,543$966,130$291,852$2,767,561
23$4,226,820$1,014,437$306,444$2,905,939
24$4,438,161$1,065,159$321,767$3,051,235
25$4,660,069$1,118,416$337,855$3,203,797
26$4,893,072$1,174,337$354,748$3,363,987
27$5,137,726$1,233,054$372,485$3,532,186
28$5,394,612$1,294,707$391,109$3,708,796
29$5,664,343$1,359,442$410,665$3,894,236
30$5,947,560$1,427,414$431,198$4,088,947
Total$96,000,000$23,040,000$6,960,000$66,000,000
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