Jackpot Analysis Minnesota Powerball

Jackpot Analysis for Minnesota Powerball
The jackpot for the Powerball draw on Mon May 27, 2024, is projected to be $131 Million, with an option for a cash payout of $61.2 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Minnesota residents, the state will deduct 7.25% from your lottery earnings.

Minnesota Powerball Jackpot/Cash Option for Mon May 27, 2024
Draw DateMon May 27, 2024
Projected Jackpot$131,000,000
Cash Value$61,200,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$61,200,000
Federal Tax(24%)$14,688,000
Additional Federal Tax$7,916,330
State Tax(7.25%)$4,437,000
Net Lumpsum Payment$34,158,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $1,971,681 $689,852
$142,947
$1,138,882
2 $2,070,324 $726,350
$150,098
$1,193,876
3 $2,173,814 $764,642
$157,602
$1,251,570
4 $2,282,544 $804,872
$165,484
$1,312,188
5 $2,396,645 $847,089
$173,757
$1,375,799
6 $2,516,510 $891,439
$182,447
$1,442,624
7 $2,642,270 $937,970
$191,565
$1,512,735
8 $2,774,449 $986,877
$201,148
$1,586,424
9 $2,913,178 $1,038,206
$211,205
$1,663,767
10 $3,058,850 $1,092,105
$221,767
$1,744,978
11 $3,211,727 $1,148,669
$232,850
$1,830,208
12 $3,372,333 $1,208,094
$244,494
$1,919,745
13 $3,540,930 $1,270,474
$256,717
$2,013,739
14 $3,718,042 $1,336,006
$269,558
$2,112,478
15 $3,903,931 $1,404,785
$283,035
$2,216,111
16 $4,099,121 $1,477,005
$297,186
$2,324,930
17 $4,304,005 $1,552,812
$312,040
$2,439,153
18 $4,519,238 $1,632,448
$327,645
$2,559,145
19 $4,745,213 $1,716,059
$344,028
$2,685,126
20 $4,982,454 $1,803,838
$361,228
$2,817,388
21 $5,231,616 $1,896,028
$379,292
$2,956,296
22 $5,493,223 $1,992,823
$398,259
$3,102,141
23 $5,767,799 $2,094,416
$418,165
$3,255,218
24 $6,056,261 $2,201,147
$439,079
$3,416,035
25 $6,359,002 $2,313,161
$461,028
$3,584,813
26 $6,677,070 $2,430,846
$484,088
$3,762,136
27 $7,010,858 $2,554,348
$508,287
$3,948,223
28 $7,361,414 $2,684,054
$533,703
$4,143,657
29 $7,729,524 $2,820,254
$560,390
$4,348,880
30 $8,115,974 $2,963,241
$588,408
$4,564,325