USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for Sep 23, 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 $22,000,000 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 prize money, as well as deductions claimed.

State:

Minnesota

Drawing Date:Wed, Sep 23, 2020
Jackpot:$22,000,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$90,440$32,616$208,075
2$347,688$96,235$34,247$217,206
3$365,073$102,320$35,960$226,793
4$383,326$108,708$37,758$236,860
5$402,492$115,417$39,646$247,430
6$422,617$122,460$41,628$258,529
7$443,748$129,856$43,709$270,183
8$465,935$137,622$45,895$282,419
9$489,232$145,776$48,189$295,267
10$513,694$154,337$50,599$308,758
11$539,378$163,642$53,129$322,607
12$566,347$173,621$55,785$336,941
13$594,665$184,098$58,574$351,992
14$624,398$195,099$61,503$367,795
15$655,618$206,651$64,578$384,389
16$688,399$218,780$67,807$401,812
17$722,819$231,515$71,198$420,106
18$758,960$244,887$74,758$439,315
19$796,908$258,928$78,495$459,484
20$836,753$273,671$82,420$480,662
21$878,591$289,151$86,541$502,899
22$922,520$305,405$90,868$526,247
23$968,646$322,471$95,412$550,763
24$1,017,078$340,391$100,182$576,505
25$1,067,932$359,207$105,191$603,534
26$1,121,329$378,964$110,451$631,914
27$1,177,395$399,709$115,973$661,713
28$1,236,265$421,490$121,772$693,003
29$1,298,079$444,361$127,861$725,856
30$1,362,982$468,376$134,254$760,353
Total$22,000,000$7,083,588$2,166,999$12,749,410

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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.