Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(7.25%)	$1,000,500
Net Lumpsum Payment	$7,733,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$33,827	$299,789
2	$489,924	-$141,602 -$35,519	$312,803
3	$514,414	-$150,664 -$37,295	$326,455
4	$540,144	-$160,184 -$39,160	$340,800
5	$567,145	-$170,174 -$41,118	$355,853
6	$595,510	-$180,669 -$43,174	$371,667
7	$625,270	-$191,680 -$45,332	$388,258
8	$656,549	-$203,254 -$47,600	$405,695
9	$689,378	-$215,400 -$49,980	$423,998
10	$723,850	-$228,155 -$52,479	$443,216
11	$760,027	-$241,540 -$55,102	$463,385
12	$798,033	-$255,603 -$57,857	$484,573
13	$837,930	-$270,364 -$60,750	$506,816
14	$879,842	-$285,872 -$63,789	$530,181
15	$923,831	-$302,148 -$66,978	$554,705
16	$970,021	-$319,238 -$70,327	$580,456
17	$1,018,505	-$337,177 -$73,842	$607,486
18	$1,069,438	-$356,022 -$77,534	$635,882
19	$1,122,913	-$375,808 -$81,411	$665,694
20	$1,179,054	-$396,580 -$85,481	$696,993
21	$1,238,016	-$418,396 -$89,756	$729,864
22	$1,299,923	-$441,302 -$94,244	$764,377
23	$1,364,899	-$465,343 -$98,955	$800,601
24	$1,433,161	-$490,600 -$103,904	$838,657
25	$1,504,802	-$517,107 -$109,098	$878,597
26	$1,580,070	-$544,956 -$114,555	$920,559
27	$1,659,058	-$574,182 -$120,282	$964,594
28	$1,742,014	-$604,876 -$126,296	$1,010,842
29	$1,829,124	-$637,106 -$132,611	$1,059,407
30	$1,920,574	-$670,943 -$139,242	$1,110,389