USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for Aug 13, 2005

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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 $10,000,000 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, Aug 13, 2005
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$178,301$35,835$17,563$124,904
2$185,433$37,546$18,265$129,621
3$192,850$39,399$18,996$134,456
4$200,564$41,867$19,756$138,942
5$208,587$44,434$20,546$143,607
6$216,930$47,104$21,368$148,459
7$225,608$49,881$22,222$153,504
8$234,632$52,769$23,111$158,752
9$244,017$55,781$24,036$164,201
10$253,778$59,197$24,997$169,584
11$263,929$62,750$25,997$175,182
12$274,486$66,445$27,037$181,004
13$285,466$70,288$28,118$187,060
14$296,884$74,284$29,243$193,357
15$308,760$78,441$30,413$199,906
16$321,110$82,763$31,629$206,717
17$333,954$87,259$32,895$213,801
18$347,313$91,934$34,210$221,168
19$361,205$96,797$35,579$228,830
20$375,653$101,853$37,002$236,798
21$390,679$107,113$38,482$245,085
22$406,307$112,582$40,021$253,703
23$422,559$118,270$41,622$262,666
24$439,461$124,186$43,287$271,988
25$457,040$130,339$45,018$281,683
26$475,321$136,737$46,819$291,765
27$494,334$143,392$48,692$302,251
28$514,107$150,312$50,640$313,156
29$534,672$157,510$52,665$324,497
30$556,059$164,995$54,772$336,292
Total$10,000,000$2,622,063$985,001$6,392,939

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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.