Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Minnesota, your state will take 7.25% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Minnesota Powerball Jackpot/Cash Option for Sat Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(7.25%)	$7,184,750
Net Lumpsum Payment	$55,287,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$212,784	$1,675,901
2	$3,081,780	-$1,100,589 -$223,429	$1,757,762
3	$3,235,830	-$1,157,587 -$234,598	$1,843,645
4	$3,397,680	-$1,217,472 -$246,332	$1,933,876
5	$3,567,525	-$1,280,315 -$258,646	$2,028,564
6	$3,745,950	-$1,346,332 -$271,581	$2,128,037
7	$3,933,150	-$1,415,596 -$285,153	$2,232,401
8	$4,129,905	-$1,488,395 -$299,418	$2,342,092
9	$4,336,410	-$1,564,802 -$314,390	$2,457,218
10	$4,553,250	-$1,645,033 -$330,111	$2,578,106
11	$4,780,815	-$1,729,232 -$346,609	$2,704,974
12	$5,019,885	-$1,817,688 -$363,942	$2,838,255
13	$5,270,850	-$1,910,545 -$382,137	$2,978,168
14	$5,534,490	-$2,008,092 -$401,251	$3,125,147
15	$5,811,195	-$2,110,473 -$421,312	$3,279,410
16	$6,101,745	-$2,217,976 -$442,377	$3,441,392
17	$6,406,725	-$2,330,819 -$464,488	$3,611,418
18	$6,727,110	-$2,449,361 -$487,715	$3,790,034
19	$7,063,485	-$2,573,820 -$512,103	$3,977,562
20	$7,416,630	-$2,704,483 -$537,706	$4,174,441
21	$7,787,520	-$2,841,713 -$564,595	$4,381,212
22	$8,176,935	-$2,985,796 -$592,828	$4,598,311
23	$8,585,655	-$3,137,023 -$622,460	$4,826,172
24	$9,015,045	-$3,295,897 -$653,591	$5,065,557
25	$9,465,690	-$3,462,636 -$686,263	$5,316,791
26	$9,939,150	-$3,637,816 -$720,588	$5,580,746
27	$10,436,010	-$3,821,654 -$756,611	$5,857,745
28	$10,957,830	-$4,014,727 -$794,443	$6,148,660
29	$11,505,780	-$4,217,469 -$834,169	$6,454,142
30	$12,081,030	-$4,430,311 -$875,875	$6,774,844