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Powerball Annuity Jackpot Analysis for Minnesota (Apr. 20, 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 $136,000,000 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:  Apr. 20, 2019
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$148,407$1,407,309
2$2,149,345$515,843$155,828$1,477,675
3$2,256,812$541,635$163,619$1,551,558
4$2,369,653$568,717$171,800$1,629,136
5$2,488,135$597,152$180,390$1,710,593
6$2,612,542$627,010$189,409$1,796,123
7$2,743,169$658,361$198,880$1,885,929
8$2,880,328$691,279$208,824$1,980,225
9$3,024,344$725,843$219,265$2,079,237
10$3,175,561$762,135$230,228$2,183,198
11$3,334,339$800,241$241,740$2,292,358
12$3,501,056$840,254$253,827$2,406,976
13$3,676,109$882,266$266,518$2,527,325
14$3,859,915$926,380$279,844$2,653,691
15$4,052,910$972,699$293,836$2,786,376
16$4,255,556$1,021,333$308,528$2,925,695
17$4,468,334$1,072,400$323,954$3,071,979
18$4,691,750$1,126,020$340,152$3,225,578
19$4,926,338$1,182,321$357,159$3,386,857
20$5,172,655$1,241,437$375,017$3,556,200
21$5,431,288$1,303,509$393,768$3,734,010
22$5,702,852$1,368,684$413,457$3,920,711
23$5,987,995$1,437,119$434,130$4,116,746
24$6,287,394$1,508,975$455,836$4,322,584
25$6,601,764$1,584,423$478,628$4,538,713
26$6,931,852$1,663,645$502,559$4,765,648
27$7,278,445$1,746,827$527,687$5,003,931
28$7,642,367$1,834,168$554,072$5,254,127
29$8,024,485$1,925,876$581,775$5,516,834
30$8,425,710$2,022,170$610,864$5,792,675
Total$136,000,000$32,640,000$9,860,000$93,500,000
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