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Minnesota Powerball Jackpot Annuity Payout Schedule for Nov 30, 2022

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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 $65,600,000 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, Nov 30, 2022
Jackpot:$65,600,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$987,374$323,516$97,256$566,602
2$1,036,743$341,783$102,119$592,841
3$1,088,580$360,962$107,225$620,393
4$1,143,009$381,101$112,586$649,322
5$1,200,159$402,247$118,216$679,697
6$1,260,167$424,450$124,126$711,591
7$1,323,176$447,763$130,333$745,080
8$1,389,335$472,242$136,849$780,244
9$1,458,801$497,944$143,692$817,165
10$1,531,741$524,932$150,877$855,933
11$1,608,328$553,269$158,420$896,639
12$1,688,745$583,023$166,341$939,380
13$1,773,182$614,265$174,658$984,259
14$1,861,841$647,069$183,391$1,031,381
15$1,954,933$681,513$192,561$1,080,859
16$2,052,680$717,679$202,189$1,132,812
17$2,155,314$755,654$212,298$1,187,362
18$2,263,080$795,527$222,913$1,244,639
19$2,376,234$837,394$234,059$1,304,780
20$2,495,045$881,355$245,762$1,367,929
21$2,619,798$927,513$258,050$1,434,235
22$2,750,787$975,979$270,953$1,503,856
23$2,888,327$1,026,869$284,500$1,576,958
24$3,032,743$1,080,303$298,725$1,653,715
25$3,184,380$1,136,408$313,661$1,734,310
26$3,343,599$1,195,320$329,345$1,818,935
27$3,510,779$1,257,176$345,812$1,907,791
28$3,686,318$1,322,125$363,102$2,001,090
29$3,870,634$1,390,322$381,257$2,099,054
30$4,064,166$1,461,929$400,320$2,201,916
Total$65,600,000$23,017,632$6,461,596$36,120,768

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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.