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Minnesota Powerball Jackpot Annuity Payout Schedule for Aug 28, 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 $55,300,000 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, Aug 28, 2002
Jackpot:$55,300,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$986,004$323,009$97,121$565,874
2$1,025,445$337,602$101,006$586,836
3$1,066,462$352,779$105,047$608,637
4$1,109,121$368,562$109,248$631,310
5$1,153,486$384,977$113,618$654,890
6$1,199,625$402,049$118,163$679,413
7$1,247,610$419,804$122,890$704,917
8$1,297,515$438,268$127,805$731,441
9$1,349,415$457,471$132,917$759,026
10$1,403,392$477,443$138,234$787,715
11$1,459,527$498,213$143,763$817,551
12$1,517,909$519,814$149,514$848,581
13$1,578,625$542,279$155,495$880,851
14$1,641,770$565,643$161,714$914,413
15$1,707,441$589,941$168,183$949,317
16$1,775,738$615,211$174,910$985,617
17$1,846,768$641,492$181,907$1,023,369
18$1,920,639$668,824$189,183$1,062,632
19$1,997,464$697,249$196,750$1,103,464
20$2,077,363$726,812$204,620$1,145,931
21$2,160,457$757,557$212,805$1,190,095
22$2,246,876$789,532$221,317$1,236,027
23$2,336,751$822,785$230,170$1,283,795
24$2,430,221$857,369$239,377$1,333,474
25$2,527,429$893,337$248,952$1,385,141
26$2,628,527$930,743$258,910$1,438,874
27$2,733,668$969,645$269,266$1,494,757
28$2,843,014$1,010,103$280,037$1,552,874
29$2,956,735$1,052,180$291,238$1,613,317
30$3,075,004$1,095,939$302,888$1,676,177
Total$55,300,000$19,206,632$5,447,048$30,646,316

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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.