USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for Aug 7, 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 $22,100,000 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 7, 2002
Jackpot:$22,100,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$394,045$108,291$38,813$246,941
2$409,807$113,807$40,366$255,634
3$426,199$119,544$41,981$264,674
4$443,247$125,511$43,660$274,076
5$460,977$131,717$45,406$283,854
6$479,416$138,170$47,222$294,023
7$498,593$144,882$49,111$304,599
8$518,537$151,863$51,076$315,598
9$539,278$159,122$53,119$327,037
10$560,849$166,672$55,244$338,934
11$583,283$174,524$57,453$351,306
12$606,614$182,690$59,752$364,173
13$630,879$191,613$62,142$377,124
14$656,114$200,950$64,627$390,537
15$682,359$210,660$67,212$404,486
16$709,653$220,759$69,901$418,993
17$738,039$231,262$72,697$434,080
18$767,561$242,185$75,605$449,771
19$798,263$253,545$78,629$466,089
20$830,194$265,359$81,774$483,060
21$863,402$277,646$85,045$500,710
22$897,938$290,425$88,447$519,066
23$933,855$303,714$91,985$538,156
24$971,209$317,535$95,664$558,010
25$1,010,058$331,909$99,491$578,658
26$1,050,460$346,858$103,470$600,132
27$1,092,478$362,405$107,609$622,465
28$1,136,178$378,573$111,913$645,691
29$1,181,625$395,389$116,390$669,846
30$1,228,890$412,877$121,046$694,967
Total$22,100,000$6,950,457$2,176,850$12,972,690

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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.