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Powerball Annuity Jackpot Analysis for Minnesota (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$100,393$952,003
2$1,453,969$348,952$105,413$999,603
3$1,526,667$366,400$110,683$1,049,584
4$1,603,000$384,720$116,218$1,102,063
5$1,683,150$403,956$122,028$1,157,166
6$1,767,308$424,154$128,130$1,215,024
7$1,855,673$445,362$134,536$1,275,775
8$1,948,457$467,630$141,263$1,339,564
9$2,045,880$491,011$148,326$1,406,542
10$2,148,174$515,562$155,743$1,476,870
11$2,255,583$541,340$163,530$1,550,713
12$2,368,362$568,407$171,706$1,628,249
13$2,486,780$596,827$180,292$1,709,661
14$2,611,119$626,669$189,306$1,795,144
15$2,741,675$658,002$198,771$1,884,901
16$2,878,758$690,902$208,710$1,979,146
17$3,022,696$725,447$219,145$2,078,104
18$3,173,831$761,719$230,103$2,182,009
19$3,332,523$799,805$241,608$2,291,109
20$3,499,149$839,796$253,688$2,405,665
21$3,674,106$881,786$266,373$2,525,948
22$3,857,812$925,875$279,691$2,652,245
23$4,050,702$972,169$293,676$2,784,858
24$4,253,237$1,020,777$308,360$2,924,101
25$4,465,899$1,071,816$323,778$3,070,306
26$4,689,194$1,125,407$339,967$3,223,821
27$4,923,654$1,181,677$356,965$3,385,012
28$5,169,837$1,240,761$374,813$3,554,263
29$5,428,328$1,302,799$393,554$3,731,976
30$5,699,745$1,367,939$413,231$3,918,575
Total$92,000,000$22,080,000$6,670,000$63,250,000
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