USA Mega

Minnesota Powerball Jackpot Annuity Payout Schedule for Apr 24, 2023

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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 $28,200,000 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:Mon, Apr 24, 2023
Jackpot:$28,200,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$424,450$118,932$41,808$263,710
2$445,673$126,360$43,899$275,414
3$467,957$134,160$46,094$287,703
4$491,354$142,349$48,398$300,607
5$515,922$150,948$50,818$314,156
6$541,718$159,976$53,359$328,383
7$568,804$169,456$56,027$343,321
8$597,244$179,410$58,829$359,006
9$627,107$190,217$61,770$375,119
10$658,462$201,819$64,859$391,785
11$691,385$214,000$68,101$409,283
12$725,954$226,791$71,507$427,657
13$762,252$240,221$75,082$446,949
14$800,365$254,323$78,836$467,206
15$840,383$269,129$82,778$488,476
16$882,402$284,677$86,917$510,809
17$926,522$301,001$91,262$534,259
18$972,848$318,142$95,826$558,881
19$1,021,491$336,139$100,617$584,735
20$1,072,565$355,037$105,648$611,881
21$1,126,193$374,879$110,930$640,384
22$1,182,503$395,714$116,477$670,313
23$1,241,628$417,590$122,300$701,738
24$1,303,710$440,560$128,415$734,734
25$1,368,895$464,679$134,836$769,380
26$1,437,340$490,004$141,578$805,758
27$1,509,207$516,594$148,657$843,956
28$1,584,667$544,515$156,090$884,063
29$1,663,901$573,831$163,894$926,175
30$1,747,096$604,613$172,089$970,394
Total$28,200,000$9,196,066$2,777,701$16,226,235

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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.