USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for Dec 15, 2001

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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 $16,000,000 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, Dec 15, 2001
Jackpot:$16,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$285,282$70,223$28,100$186,958
2$296,693$74,217$29,224$193,251
3$308,561$78,371$30,393$199,796
4$320,903$82,691$31,609$206,603
5$333,739$87,183$32,873$213,682
6$347,089$91,856$34,188$221,045
7$360,972$96,715$35,556$228,701
8$375,411$101,769$36,978$236,664
9$390,428$107,024$38,457$244,946
10$406,045$112,490$39,995$253,559
11$422,286$118,175$41,595$262,516
12$439,178$124,087$43,259$271,832
13$456,745$130,236$44,989$281,520
14$475,015$136,630$46,789$291,596
15$494,015$143,280$48,661$302,075
16$513,776$150,196$50,607$312,973
17$534,327$157,389$52,631$324,307
18$555,700$164,870$54,736$336,094
19$577,928$172,650$56,926$348,353
20$601,045$180,741$59,203$361,102
21$625,087$189,470$61,571$374,046
22$650,091$198,721$64,034$387,335
23$676,094$208,343$66,595$401,156
24$703,138$218,349$69,259$415,530
25$731,263$228,755$72,029$430,479
26$760,514$239,578$74,911$446,025
27$790,935$250,834$77,907$462,194
28$822,572$262,539$81,023$479,009
29$855,475$274,713$84,264$496,497
30$889,694$287,374$87,635$514,685
Total$16,000,000$4,739,469$1,575,997$9,684,529

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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.