Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed May 8, 2024 is estimated to be $20 Million, with a cash option of 9.3 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 Wed May 8, 2024

Draw Date	Jackpot	Cash Option
Wed May 8, 2024	$20,000,000	$9,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$9,300,000
Federal Tax(24%)	$2,232,000
Additional Federal Tax	$1,169,330
State Tax(7.25%)	$674,250
Net Lumpsum Payment	$5,224,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$301,020	-$71,708 -$21,824	$207,488
2	$316,080	-$77,280 -$22,916	$215,884
3	$331,880	-$83,126 -$24,061	$224,693
4	$348,480	-$89,268 -$25,265	$233,947
5	$365,900	-$95,713 -$26,528	$243,659
6	$384,200	-$102,484 -$27,855	$253,861
7	$403,400	-$109,588 -$29,247	$264,565
8	$423,580	-$117,055 -$30,710	$275,815
9	$444,760	-$124,892 -$32,245	$287,623
10	$467,000	-$133,120 -$33,858	$300,022
11	$490,340	-$141,756 -$35,550	$313,034
12	$514,860	-$150,829 -$37,327	$326,704
13	$540,600	-$160,352 -$39,194	$341,054
14	$567,640	-$170,357 -$41,154	$356,129
15	$596,020	-$180,858 -$43,211	$371,951
16	$625,820	-$191,884 -$45,372	$388,564
17	$657,100	-$203,457 -$47,640	$406,003
18	$689,960	-$215,616 -$50,022	$424,322
19	$724,460	-$228,381 -$52,523	$443,556
20	$760,680	-$241,782 -$55,149	$463,749
21	$798,720	-$255,857 -$57,907	$484,956
22	$838,660	-$270,635 -$60,803	$507,222
23	$880,580	-$286,145 -$63,842	$530,593
24	$924,620	-$302,440 -$67,035	$555,145
25	$970,840	-$319,541 -$70,386	$580,913
26	$1,019,400	-$337,508 -$73,907	$607,985
27	$1,070,360	-$356,364 -$77,601	$636,395
28	$1,123,880	-$376,166 -$81,481	$666,233
29	$1,180,080	-$396,960 -$85,556	$697,564
30	$1,239,080	-$418,790 -$89,833	$730,457