Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jun 21, 2025 is estimated to be $118 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 Sat Jun 21, 2025

Draw Date	Jackpot	Cash Option
Sat Jun 21, 2025	$118,000,000	$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	$1,776,018	-$617,457 -$128,761	$1,029,800
2	$1,864,872	-$650,333 -$135,203	$1,079,336
3	$1,958,092	-$684,824 -$141,962	$1,131,306
4	$2,056,032	-$721,062 -$149,062	$1,185,908
5	$2,158,810	-$759,090 -$156,514	$1,243,206
6	$2,266,780	-$799,039 -$164,342	$1,303,399
7	$2,380,060	-$840,953 -$172,554	$1,366,553
8	$2,499,122	-$885,006 -$181,186	$1,432,930
9	$2,624,084	-$931,241 -$190,246	$1,502,597
10	$2,755,300	-$979,791 -$199,759	$1,575,750
11	$2,893,006	-$1,030,743 -$209,743	$1,652,520
12	$3,037,674	-$1,084,270 -$220,231	$1,733,173
13	$3,189,540	-$1,140,460 -$231,242	$1,817,838
14	$3,349,076	-$1,199,489 -$242,808	$1,906,779
15	$3,516,518	-$1,261,442 -$254,948	$2,000,128
16	$3,692,338	-$1,326,495 -$267,695	$2,098,148
17	$3,876,890	-$1,394,780 -$281,075	$2,201,035
18	$4,070,764	-$1,466,513 -$295,130	$2,309,121
19	$4,274,314	-$1,541,827 -$309,888	$2,422,599
20	$4,488,012	-$1,620,895 -$325,381	$2,541,736
21	$4,712,448	-$1,703,936 -$341,652	$2,666,860
22	$4,948,094	-$1,791,125 -$358,737	$2,798,232
23	$5,195,422	-$1,882,637 -$376,668	$2,936,117
24	$5,455,258	-$1,978,776 -$395,506	$3,080,976
25	$5,727,956	-$2,079,674 -$415,277	$3,233,005
26	$6,014,460	-$2,185,681 -$436,048	$3,392,731
27	$6,315,124	-$2,296,926 -$457,846	$3,560,352
28	$6,630,892	-$2,413,760 -$480,740	$3,736,392
29	$6,962,472	-$2,536,445 -$504,779	$3,921,248
30	$7,310,572	-$2,665,242 -$530,016	$4,115,314