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Minnesota Powerball Jackpot Annuity Payout Schedule for Oct 24, 2020

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The tax information provided here is based on 2021 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 $105,700,000 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 prize money, as well as deductions claimed.

State:

Minnesota

Drawing Date:Sat, Oct 24, 2020
Jackpot:$105,700,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,590,937$552,719$156,707$881,511
2$1,670,484$582,151$164,543$923,790
3$1,754,008$613,055$172,770$968,183
4$1,841,708$645,504$181,408$1,014,796
5$1,933,793$679,576$190,479$1,063,739
6$2,030,483$715,351$200,003$1,115,130
7$2,132,007$752,915$210,003$1,169,090
8$2,238,608$792,357$220,503$1,225,748
9$2,350,538$833,771$231,528$1,285,239
10$2,468,065$877,256$243,104$1,347,704
11$2,591,468$922,916$255,260$1,413,293
12$2,721,042$970,858$268,023$1,482,161
13$2,857,094$1,021,197$281,424$1,554,473
14$2,999,948$1,074,053$295,495$1,630,400
15$3,149,946$1,129,552$310,270$1,710,124
16$3,307,443$1,187,826$325,783$1,793,834
17$3,472,815$1,249,014$342,072$1,881,729
18$3,646,456$1,313,261$359,176$1,974,019
19$3,828,779$1,380,720$377,135$2,070,924
20$4,020,218$1,451,553$395,991$2,172,674
21$4,221,229$1,525,927$415,791$2,279,511
22$4,432,290$1,604,020$436,581$2,391,690
23$4,653,905$1,686,017$458,410$2,509,478
24$4,886,600$1,772,114$481,330$2,633,156
25$5,130,930$1,862,516$505,397$2,763,017
26$5,387,476$1,957,439$530,666$2,899,371
27$5,656,850$2,057,107$557,200$3,042,544
28$5,939,693$2,161,759$585,060$3,192,874
29$6,236,677$2,271,643$614,313$3,350,722
30$6,548,511$2,387,021$645,028$3,516,461
Total$105,700,000$38,031,168$10,411,453$57,257,385

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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.