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Powerball Annuity Jackpot Analysis for Minnesota (Jul. 29, 2020 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 $126,000,000 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:  Jul. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:7.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$137,495$1,303,831
2$1,991,305$477,913$144,370$1,369,022
3$2,090,870$501,809$151,588$1,437,473
4$2,195,414$526,899$159,167$1,509,347
5$2,305,184$553,244$167,126$1,584,814
6$2,420,443$580,906$175,482$1,664,055
7$2,541,466$609,952$184,256$1,747,258
8$2,668,539$640,449$193,469$1,834,621
9$2,801,966$672,472$203,143$1,926,352
10$2,942,064$706,095$213,300$2,022,669
11$3,089,167$741,400$223,965$2,123,803
12$3,243,626$778,470$235,163$2,229,993
13$3,405,807$817,394$246,921$2,341,492
14$3,576,097$858,263$259,267$2,458,567
15$3,754,902$901,177$272,230$2,581,495
16$3,942,647$946,235$285,842$2,710,570
17$4,139,780$993,547$300,134$2,846,099
18$4,346,769$1,043,225$315,141$2,988,404
19$4,564,107$1,095,386$330,898$3,137,824
20$4,792,313$1,150,155$347,443$3,294,715
21$5,031,928$1,207,663$364,815$3,459,451
22$5,283,525$1,268,046$383,056$3,632,423
23$5,547,701$1,331,448$402,208$3,814,044
24$5,825,086$1,398,021$422,319$4,004,747
25$6,116,340$1,467,922$443,435$4,204,984
26$6,422,157$1,541,318$465,606$4,415,233
27$6,743,265$1,618,384$488,887$4,635,995
28$7,080,428$1,699,303$513,331$4,867,794
29$7,434,450$1,784,268$538,998$5,111,184
30$7,806,172$1,873,481$565,947$5,366,743
Total$126,000,000$30,240,000$9,135,000$86,625,000
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