Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Nov 13, 2024 is estimated to be $113 Million, with a cash option of 53.4 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 Nov 13, 2024

Draw Date	Jackpot	Cash Option
Wed Nov 13, 2024	$113,000,000	$53,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$53,400,000
Federal Tax(24%)	$12,816,000
Additional Federal Tax	$6,902,330
State Tax(7.25%)	$3,871,500
Net Lumpsum Payment	$29,810,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,700,763	-$589,613 -$123,305	$987,845
2	$1,785,852	-$621,096 -$129,474	$1,035,282
3	$1,875,122	-$654,126 -$135,946	$1,085,050
4	$1,968,912	-$688,828 -$142,746	$1,137,338
5	$2,067,335	-$725,244 -$149,882	$1,192,209
6	$2,170,730	-$763,500 -$157,378	$1,249,852
7	$2,279,210	-$803,638 -$165,243	$1,310,329
8	$2,393,227	-$845,824 -$173,509	$1,373,894
9	$2,512,894	-$890,101 -$182,185	$1,440,608
10	$2,638,550	-$936,594 -$191,295	$1,510,661
11	$2,770,421	-$985,386 -$200,856	$1,584,179
12	$2,908,959	-$1,036,645 -$210,900	$1,661,414
13	$3,054,390	-$1,090,455 -$221,443	$1,742,492
14	$3,207,166	-$1,146,982 -$232,520	$1,827,664
15	$3,367,513	-$1,206,310 -$244,145	$1,917,058
16	$3,535,883	-$1,268,607 -$256,352	$2,010,924
17	$3,712,615	-$1,333,998 -$269,165	$2,109,452
18	$3,898,274	-$1,402,692 -$282,625	$2,212,957
19	$4,093,199	-$1,474,814 -$296,757	$2,321,628
20	$4,297,842	-$1,550,532 -$311,594	$2,435,716
21	$4,512,768	-$1,630,055 -$327,176	$2,555,537
22	$4,738,429	-$1,713,549 -$343,536	$2,681,344
23	$4,975,277	-$1,801,183 -$360,708	$2,813,386
24	$5,224,103	-$1,893,248 -$378,747	$2,952,108
25	$5,485,246	-$1,989,871 -$397,680	$3,097,695
26	$5,759,610	-$2,091,386 -$417,572	$3,250,652
27	$6,047,534	-$2,197,918 -$438,446	$3,411,170
28	$6,349,922	-$2,309,802 -$460,369	$3,579,751
29	$6,667,452	-$2,427,288 -$483,390	$3,756,774
30	$7,000,802	-$2,550,627 -$507,558	$3,942,617