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Minnesota Powerball Jackpot Annuity Payout Schedule for Sep 11, 2024

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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 $134,500,000 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, Sep 11, 2024
Jackpot:$134,500,000
Federal Tax:37% marginal rate
State Tax: 9.85%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,024,418$707,222$199,405$1,117,790
2$2,125,639$744,674$209,375$1,171,589
3$2,231,921$783,998$219,844$1,228,078
4$2,343,517$825,289$230,836$1,287,392
5$2,460,693$868,644$242,378$1,349,670
6$2,583,727$914,167$254,497$1,415,063
7$2,712,914$961,966$267,222$1,483,726
8$2,848,559$1,012,155$280,583$1,555,822
9$2,990,987$1,064,853$294,612$1,631,522
10$3,140,537$1,120,186$309,343$1,711,008
11$3,297,564$1,178,286$324,810$1,794,467
12$3,462,442$1,239,291$341,051$1,882,100
13$3,635,564$1,303,346$358,103$1,974,114
14$3,817,342$1,370,604$376,008$2,070,730
15$4,008,209$1,441,225$394,809$2,172,175
16$4,208,620$1,515,377$414,549$2,278,694
17$4,419,051$1,593,236$435,276$2,390,538
18$4,640,003$1,674,989$457,040$2,507,974
19$4,872,003$1,760,829$479,892$2,631,282
20$5,115,604$1,850,961$503,887$2,760,756
21$5,371,384$1,945,600$529,081$2,896,703
22$5,639,953$2,044,970$555,535$3,039,447
23$5,921,951$2,149,309$583,312$3,189,329
24$6,218,048$2,258,866$612,478$3,346,705
25$6,528,950$2,373,899$643,102$3,511,949
26$6,855,398$2,494,685$675,257$3,685,456
27$7,198,168$2,621,510$709,020$3,867,638
28$7,558,076$2,754,676$744,471$4,058,930
29$7,935,980$2,894,500$781,694$4,259,786
30$8,332,779$3,041,316$820,779$4,470,684
Total$134,500,000$48,510,629$13,248,249$72,741,117

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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.