USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for Nov 5, 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 $1,656,800,000 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, Nov 5, 2022
Jackpot:$1,656,800,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$24,937,218$9,184,958$2,456,316$13,295,943
2$26,184,079$9,646,297$2,579,132$13,958,650
3$27,493,282$10,130,702$2,708,088$14,654,492
4$28,867,947$10,639,328$2,843,493$15,385,126
5$30,311,343$11,173,385$2,985,667$16,152,291
6$31,826,911$11,734,145$3,134,951$16,957,815
7$33,418,257$12,322,943$3,291,698$17,803,616
8$35,089,170$12,941,181$3,456,283$18,691,706
9$36,843,628$13,590,330$3,629,097$19,624,201
10$38,685,809$14,271,937$3,810,552$20,603,320
11$40,620,100$14,987,625$4,001,080$21,631,396
12$42,651,105$15,739,097$4,201,134$22,710,875
13$44,783,660$16,528,142$4,411,191$23,844,328
14$47,022,844$17,356,640$4,631,750$25,034,454
15$49,373,985$18,226,562$4,863,338$26,284,085
16$51,842,685$19,139,981$5,106,504$27,596,199
17$54,434,818$20,099,071$5,361,830$28,973,918
18$57,156,560$21,106,115$5,629,921$30,420,524
19$60,014,387$22,163,511$5,911,417$31,939,459
20$63,015,107$23,273,777$6,206,988$33,534,342
21$66,165,862$24,439,557$6,517,337$35,208,968
22$69,474,155$25,663,625$6,843,204$36,967,326
23$72,947,864$26,948,897$7,185,365$38,813,602
24$76,595,256$28,298,432$7,544,633$40,752,191
25$80,425,018$29,715,445$7,921,864$42,787,710
26$84,446,271$31,203,308$8,317,958$44,925,005
27$88,668,584$32,765,564$8,733,856$47,169,165
28$93,102,012$34,405,932$9,170,548$49,525,532
29$97,757,113$36,128,320$9,629,076$51,999,718
30$102,644,970$37,936,827$10,110,530$54,597,614
Total$1,656,800,003$611,761,634$163,194,801$881,843,571

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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.