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Powerball Annuity Jackpot Analysis for Minnesota (Oct. 27, 2018 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 $687,800,000 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:  Oct. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$750,547$7,117,259
2$10,869,996$2,608,799$788,075$7,473,122
3$11,413,496$2,739,239$827,478$7,846,778
4$11,984,171$2,876,201$868,852$8,239,117
5$12,583,379$3,020,011$912,295$8,651,073
6$13,212,548$3,171,011$957,910$9,083,627
7$13,873,176$3,329,562$1,005,805$9,537,808
8$14,566,834$3,496,040$1,056,095$10,014,699
9$15,295,176$3,670,842$1,108,900$10,515,434
10$16,059,935$3,854,384$1,164,345$11,041,205
11$16,862,932$4,047,104$1,222,563$11,593,265
12$17,706,078$4,249,459$1,283,691$12,172,929
13$18,591,382$4,461,932$1,347,875$12,781,575
14$19,520,951$4,685,028$1,415,269$13,420,654
15$20,496,998$4,919,280$1,486,032$14,091,686
16$21,521,849$5,165,244$1,560,334$14,796,271
17$22,597,941$5,423,506$1,638,351$15,536,084
18$23,727,838$5,694,681$1,720,268$16,312,889
19$24,914,230$5,979,415$1,806,282$17,128,533
20$26,159,941$6,278,386$1,896,596$17,984,960
21$27,467,938$6,592,305$1,991,426$18,884,207
22$28,841,335$6,921,920$2,090,997$19,828,418
23$30,283,402$7,268,016$2,195,547$20,819,839
24$31,797,572$7,631,417$2,305,324$21,860,831
25$33,387,450$8,012,988$2,420,590$22,953,872
26$35,056,823$8,413,638$2,541,620$24,101,566
27$36,809,665$8,834,319$2,668,701$25,306,644
28$38,650,147$9,276,035$2,802,136$26,571,976
29$40,582,655$9,739,837$2,942,242$27,900,575
30$42,611,788$10,226,829$3,089,355$29,295,604
Total$687,800,001$165,072,000$49,865,500$472,862,501
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