USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for Jun 26, 2002

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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 $12,000,000 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:Wed, Jun 26, 2002
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$213,961$46,154$21,075$146,732
2$222,520$48,893$21,918$151,709
3$231,420$51,741$22,795$156,884
4$240,677$54,703$23,707$162,267
5$250,304$57,981$24,655$167,668
6$260,317$61,486$25,641$173,190
7$270,729$65,130$26,667$178,932
8$281,558$68,920$27,733$184,905
9$292,821$72,862$28,843$191,116
10$304,533$76,961$29,997$197,575
11$316,715$81,225$31,196$204,293
12$329,383$85,659$32,444$211,280
13$342,559$90,270$33,742$218,546
14$356,261$95,066$35,092$226,103
15$370,512$100,054$36,495$233,962
16$385,332$105,241$37,955$242,136
17$400,745$110,636$39,473$250,636
18$416,775$116,246$41,052$259,477
19$433,446$122,081$42,694$268,671
20$450,784$128,149$44,402$278,233
21$468,815$134,460$46,178$288,177
22$487,568$141,024$48,025$298,519
23$507,071$147,849$49,946$309,275
24$527,353$154,948$51,944$320,461
25$548,448$162,331$54,022$332,094
26$570,386$170,010$56,183$344,193
27$593,201$177,995$58,430$356,776
28$616,929$186,451$60,768$369,710
29$641,606$195,582$63,198$382,826
30$667,270$205,078$65,726$396,466
Total$12,000,000$3,315,186$1,181,996$7,502,812

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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.