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Powerball Annuity Jackpot Analysis for Minnesota (Oct. 31, 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 $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:  Oct. 31, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$43,649$413,914
2$632,160$151,718$45,832$434,610
3$663,768$159,304$48,123$456,341
4$696,957$167,270$50,529$479,158
5$731,805$175,633$53,056$503,116
6$768,395$184,415$55,709$528,271
7$806,815$193,635$58,494$554,685
8$847,155$203,317$61,419$582,419
9$889,513$213,483$64,490$611,540
10$933,989$224,157$67,714$642,117
11$980,688$235,365$71,100$674,223
12$1,029,722$247,133$74,655$707,934
13$1,081,209$259,490$78,388$743,331
14$1,135,269$272,465$82,307$780,497
15$1,192,032$286,088$86,422$819,522
16$1,251,634$300,392$90,743$860,498
17$1,314,216$315,412$95,281$903,523
18$1,379,927$331,182$100,045$948,700
19$1,448,923$347,742$105,047$996,135
20$1,521,369$365,129$110,299$1,045,941
21$1,597,438$383,385$115,814$1,098,238
22$1,677,309$402,554$121,605$1,153,150
23$1,761,175$422,682$127,685$1,210,808
24$1,849,234$443,816$134,069$1,271,348
25$1,941,695$466,007$140,773$1,334,916
26$2,038,780$489,307$147,812$1,401,661
27$2,140,719$513,773$155,202$1,471,744
28$2,247,755$539,461$162,962$1,545,332
29$2,360,143$566,434$171,110$1,622,598
30$2,478,150$594,756$179,666$1,703,728
Total$40,000,000$9,600,000$2,900,000$27,500,000
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