Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 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 Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(7.25%)	$8,533,250
Net Lumpsum Payment	$65,657,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$286,985	$2,246,485
2	$4,156,452	-$1,498,218 -$301,343	$2,356,891
3	$4,364,222	-$1,575,093 -$316,406	$2,472,723
4	$4,582,512	-$1,655,860 -$332,232	$2,594,420
5	$4,811,585	-$1,740,617 -$348,840	$2,722,128
6	$5,052,230	-$1,829,655 -$366,287	$2,856,288
7	$5,304,710	-$1,923,073 -$384,591	$2,997,046
8	$5,570,077	-$2,021,259 -$403,831	$3,144,987
9	$5,848,594	-$2,124,310 -$424,023	$3,300,261
10	$6,141,050	-$2,232,519 -$445,226	$3,463,305
11	$6,447,971	-$2,346,080 -$467,478	$3,634,413
12	$6,770,409	-$2,465,382 -$490,855	$3,814,172
13	$7,108,890	-$2,590,620 -$515,395	$4,002,875
14	$7,464,466	-$2,722,183 -$541,174	$4,201,109
15	$7,837,663	-$2,860,266 -$568,231	$4,409,166
16	$8,229,533	-$3,005,258 -$596,641	$4,627,634
17	$8,640,865	-$3,157,450 -$626,463	$4,856,952
18	$9,072,974	-$3,317,331 -$657,791	$5,097,852
19	$9,526,649	-$3,485,191 -$690,682	$5,350,776
20	$10,002,942	-$3,661,419 -$725,213	$5,616,310
21	$10,503,168	-$3,846,503 -$761,480	$5,895,185
22	$11,028,379	-$4,040,831 -$799,557	$6,187,991
23	$11,579,627	-$4,244,792 -$839,523	$6,495,312
24	$12,158,753	-$4,459,069 -$881,510	$6,818,174
25	$12,766,546	-$4,683,952 -$925,575	$7,157,019
26	$13,405,110	-$4,920,221 -$971,870	$7,513,019
27	$14,075,234	-$5,168,167 -$1,020,454	$7,886,613
28	$14,779,022	-$5,428,569 -$1,071,479	$8,278,974
29	$15,518,052	-$5,702,010 -$1,125,059	$8,690,983
30	$16,293,902	-$5,989,074 -$1,181,308	$9,123,520