Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon May 6, 2024 is estimated to be $214 Million, with a cash option of 99.7 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 Mon May 6, 2024

Draw Date	Jackpot	Cash Option
Mon May 6, 2024	$214,000,000	$99,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,700,000
Federal Tax(24%)	$23,928,000
Additional Federal Tax	$12,921,330
State Tax(7.25%)	$7,228,250
Net Lumpsum Payment	$55,622,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,220,914	-$1,152,069 -$233,516	$1,835,329
2	$3,382,056	-$1,211,691 -$245,199	$1,925,166
3	$3,551,116	-$1,274,243 -$257,456	$2,019,417
4	$3,728,736	-$1,339,963 -$270,333	$2,118,440
5	$3,915,130	-$1,408,928 -$283,847	$2,222,355
6	$4,110,940	-$1,481,378 -$298,043	$2,331,519
7	$4,316,380	-$1,557,391 -$312,938	$2,446,051
8	$4,532,306	-$1,637,284 -$328,592	$2,566,430
9	$4,758,932	-$1,721,135 -$345,023	$2,692,774
10	$4,996,900	-$1,809,183 -$362,275	$2,825,442
11	$5,246,638	-$1,901,586 -$380,381	$2,964,671
12	$5,509,002	-$1,998,661 -$399,403	$3,110,938
13	$5,784,420	-$2,100,566 -$419,370	$3,264,484
14	$6,073,748	-$2,207,617 -$440,347	$3,425,784
15	$6,377,414	-$2,319,974 -$462,363	$3,595,077
16	$6,696,274	-$2,437,952 -$485,480	$3,772,842
17	$7,030,970	-$2,561,789 -$509,745	$3,959,436
18	$7,382,572	-$2,691,882 -$535,236	$4,155,454
19	$7,751,722	-$2,828,468 -$562,000	$4,361,254
20	$8,139,276	-$2,971,863 -$590,098	$4,577,315
21	$8,546,304	-$3,122,463 -$619,607	$4,804,234
22	$8,973,662	-$3,280,585 -$650,590	$5,042,487
23	$9,422,206	-$3,446,547 -$683,110	$5,292,549
24	$9,893,434	-$3,620,901 -$717,274	$5,555,259
25	$10,387,988	-$3,803,886 -$753,129	$5,830,973
26	$10,907,580	-$3,996,135 -$790,800	$6,120,645
27	$11,452,852	-$4,197,886 -$830,332	$6,424,634
28	$12,025,516	-$4,409,771 -$871,850	$6,743,895
29	$12,626,856	-$4,632,267 -$915,447	$7,079,142
30	$13,258,156	-$4,865,848 -$961,216	$7,431,092