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Powerball Annuity Jackpot Analysis for Minnesota (Jan. 16, 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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$122,218$1,158,960
2$1,770,049$424,812$128,329$1,216,909
3$1,858,551$446,052$134,745$1,277,754
4$1,951,479$468,355$141,482$1,341,642
5$2,049,053$491,773$148,556$1,408,724
6$2,151,505$516,361$155,984$1,479,160
7$2,259,081$542,179$163,783$1,553,118
8$2,372,035$569,288$171,973$1,630,774
9$2,490,636$597,753$180,571$1,712,313
10$2,615,168$627,640$189,600$1,797,928
11$2,745,927$659,022$199,080$1,887,825
12$2,883,223$691,974$209,034$1,982,216
13$3,027,384$726,572$219,485$2,081,327
14$3,178,753$762,901$230,460$2,185,393
15$3,337,691$801,046$241,983$2,294,663
16$3,504,576$841,098$254,082$2,409,396
17$3,679,804$883,153$266,786$2,529,865
18$3,863,794$927,311$280,125$2,656,359
19$4,056,984$973,676$294,131$2,789,177
20$4,259,833$1,022,360$308,838$2,928,635
21$4,472,825$1,073,478$324,280$3,075,067
22$4,696,466$1,127,152$340,494$3,228,821
23$4,931,290$1,183,510$357,519$3,390,262
24$5,177,854$1,242,685$375,394$3,559,775
25$5,436,747$1,304,819$394,164$3,737,763
26$5,708,584$1,370,060$413,872$3,924,652
27$5,994,013$1,438,563$434,566$4,120,884
28$6,293,714$1,510,491$456,294$4,326,928
29$6,608,400$1,586,016$479,109$4,543,275
30$6,938,820$1,665,317$503,064$4,770,439
Total$112,000,000$26,880,000$8,120,000$77,000,000
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