USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for May 24, 1997

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $17,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Minnesota

Drawing Date:Sat, May 24, 1997
Jackpot:$17,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$303,112$76,464$29,857$196,791
2$315,236$80,707$31,051$203,478
3$327,846$85,121$32,293$210,432
4$340,959$89,711$33,585$217,664
5$354,598$94,484$34,928$225,186
6$368,782$99,448$36,325$233,008
7$383,533$104,611$37,778$241,144
8$398,874$109,981$39,289$249,604
9$414,829$115,565$40,861$258,404
10$431,422$121,373$42,495$267,555
11$448,679$127,413$44,195$277,072
12$466,627$133,694$45,963$286,970
13$485,292$140,227$47,801$297,264
14$504,703$147,021$49,713$307,969
15$524,891$154,087$51,702$319,103
16$545,887$161,435$53,770$330,682
17$567,723$169,078$55,921$342,724
18$590,431$177,026$58,157$355,248
19$614,049$185,386$60,484$368,179
20$638,611$194,474$62,903$381,234
21$664,155$203,925$65,419$394,811
22$690,721$213,755$68,036$408,931
23$718,350$223,977$70,757$423,615
24$747,084$234,609$73,588$438,887
25$776,967$245,666$76,531$454,770
26$808,046$257,165$79,593$471,289
27$840,368$269,124$82,776$488,468
28$873,983$281,561$86,087$506,334
29$908,942$294,496$89,531$524,915
30$945,300$307,949$93,112$544,239
Total$17,000,000$5,099,533$1,674,501$10,225,970

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.