Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(7.25%)	$2,972,500
Net Lumpsum Payment	$22,897,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$96,025	$778,072
2	$1,390,752	-$474,909 -$100,830	$815,013
3	$1,460,272	-$500,631 -$105,870	$853,771
4	$1,533,312	-$527,656 -$111,165	$894,491
5	$1,609,960	-$556,016 -$116,722	$937,222
6	$1,690,480	-$585,808 -$122,560	$982,112
7	$1,774,960	-$617,066 -$128,685	$1,029,209
8	$1,863,752	-$649,919 -$135,122	$1,078,711
9	$1,956,944	-$684,400 -$141,878	$1,130,666
10	$2,054,800	-$720,606 -$148,973	$1,185,221
11	$2,157,496	-$758,604 -$156,418	$1,242,474
12	$2,265,384	-$798,522 -$164,240	$1,302,622
13	$2,378,640	-$840,427 -$172,451	$1,365,762
14	$2,497,616	-$884,448 -$181,077	$1,432,091
15	$2,622,488	-$930,651 -$190,130	$1,501,707
16	$2,753,608	-$979,165 -$199,637	$1,574,806
17	$2,891,240	-$1,030,089 -$209,615	$1,651,536
18	$3,035,824	-$1,083,585 -$220,097	$1,732,142
19	$3,187,624	-$1,139,751 -$231,103	$1,816,770
20	$3,346,992	-$1,198,717 -$242,657	$1,905,618
21	$3,514,368	-$1,260,647 -$254,792	$1,998,929
22	$3,690,104	-$1,325,669 -$267,533	$2,096,902
23	$3,874,552	-$1,393,915 -$280,905	$2,199,732
24	$4,068,328	-$1,465,612 -$294,954	$2,307,762
25	$4,271,696	-$1,540,858 -$309,698	$2,421,140
26	$4,485,360	-$1,619,914 -$325,189	$2,540,257
27	$4,709,584	-$1,702,876 -$341,445	$2,665,263
28	$4,945,072	-$1,790,007 -$358,518	$2,796,547
29	$5,192,352	-$1,881,501 -$376,446	$2,934,405
30	$5,451,952	-$1,977,553 -$395,267	$3,079,132