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Powerball Annuity Jackpot Analysis for Minnesota (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$268,442$2,545,574
2$3,887,786$933,069$281,864$2,672,853
3$4,082,175$979,722$295,958$2,806,495
4$4,286,284$1,028,708$310,756$2,946,820
5$4,500,598$1,080,143$326,293$3,094,161
6$4,725,628$1,134,151$342,608$3,248,869
7$4,961,909$1,190,858$359,738$3,411,313
8$5,210,005$1,250,401$377,725$3,581,878
9$5,470,505$1,312,921$396,612$3,760,972
10$5,744,030$1,378,567$416,442$3,949,021
11$6,031,232$1,447,496$437,264$4,146,472
12$6,332,793$1,519,870$459,128$4,353,795
13$6,649,433$1,595,864$482,084$4,571,485
14$6,981,905$1,675,657$506,188$4,800,059
15$7,331,000$1,759,440$531,497$5,040,062
16$7,697,550$1,847,412$558,072$5,292,066
17$8,082,427$1,939,783$585,976$5,556,669
18$8,486,549$2,036,772$615,275$5,834,502
19$8,910,876$2,138,610$646,039$6,126,227
20$9,356,420$2,245,541$678,340$6,432,539
21$9,824,241$2,357,818$712,257$6,754,166
22$10,315,453$2,475,709$747,870$7,091,874
23$10,831,226$2,599,494$785,264$7,446,468
24$11,372,787$2,729,469$824,527$7,818,791
25$11,941,426$2,865,942$865,753$8,209,730
26$12,538,497$3,009,239$909,041$8,620,217
27$13,165,422$3,159,701$954,493$9,051,228
28$13,823,693$3,317,686$1,002,218$9,503,789
29$14,514,878$3,483,571$1,052,329$9,978,979
30$15,240,622$3,657,749$1,104,945$10,477,928
Total$246,000,000$59,040,000$17,835,000$169,125,000
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