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Powerball Annuity Jackpot Analysis for Minnesota (Jan. 5, 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 $69,000,000 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. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$75,295$714,002
2$1,090,476$261,714$79,060$749,703
3$1,145,000$274,800$83,013$787,188
4$1,202,250$288,540$87,163$826,547
5$1,262,363$302,967$91,521$867,874
6$1,325,481$318,115$96,097$911,268
7$1,391,755$334,021$100,902$956,832
8$1,461,343$350,722$105,947$1,004,673
9$1,534,410$368,258$111,245$1,054,907
10$1,611,130$386,671$116,807$1,107,652
11$1,691,687$406,005$122,647$1,163,035
12$1,776,271$426,305$128,780$1,221,187
13$1,865,085$447,620$135,219$1,282,246
14$1,958,339$470,001$141,980$1,346,358
15$2,056,256$493,501$149,079$1,413,676
16$2,159,069$518,177$156,532$1,484,360
17$2,267,022$544,085$164,359$1,558,578
18$2,380,373$571,290$172,577$1,636,507
19$2,499,392$599,854$181,206$1,718,332
20$2,624,362$629,847$190,266$1,804,249
21$2,755,580$661,339$199,780$1,894,461
22$2,893,359$694,406$209,769$1,989,184
23$3,038,027$729,126$220,257$2,088,643
24$3,189,928$765,583$231,270$2,193,075
25$3,349,424$803,862$242,833$2,302,729
26$3,516,896$844,055$254,975$2,417,866
27$3,692,740$886,258$267,724$2,538,759
28$3,877,377$930,571$281,110$2,665,697
29$4,071,246$977,099$295,165$2,798,982
30$4,274,809$1,025,954$309,924$2,938,931
Total$69,000,000$16,560,000$5,002,500$47,437,500
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