Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jul 16, 2025 is estimated to be $264 Million, with a cash option of 119.7 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 Wed Jul 16, 2025

Draw Date	Jackpot	Cash Option
Wed Jul 16, 2025	$264,000,000	$119,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$119,700,000
Federal Tax(24%)	$28,728,000
Additional Federal Tax	$15,521,330
State Tax(7.25%)	$8,678,250
Net Lumpsum Payment	$66,772,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,973,464	-$1,430,512 -$288,076	$2,254,876
2	$4,172,256	-$1,504,065 -$302,489	$2,365,702
3	$4,380,816	-$1,581,232 -$317,609	$2,481,975
4	$4,599,936	-$1,662,307 -$333,495	$2,604,134
5	$4,829,880	-$1,747,386 -$350,166	$2,732,328
6	$5,071,440	-$1,836,763 -$367,679	$2,866,998
7	$5,324,880	-$1,930,536 -$386,054	$3,008,290
8	$5,591,256	-$2,029,095 -$405,366	$3,156,795
9	$5,870,832	-$2,132,538 -$425,635	$3,312,659
10	$6,164,400	-$2,241,158 -$446,919	$3,476,323
11	$6,472,488	-$2,355,151 -$469,255	$3,648,082
12	$6,796,152	-$2,474,907 -$492,721	$3,828,524
13	$7,135,920	-$2,600,621 -$517,354	$4,017,945
14	$7,492,848	-$2,732,684 -$543,231	$4,216,933
15	$7,867,464	-$2,871,292 -$570,391	$4,425,781
16	$8,260,824	-$3,016,835 -$598,910	$4,645,079
17	$8,673,720	-$3,169,607 -$628,845	$4,875,268
18	$9,107,472	-$3,330,095 -$660,292	$5,117,085
19	$9,562,872	-$3,498,593 -$693,308	$5,370,971
20	$10,040,976	-$3,675,492 -$727,971	$5,637,513
21	$10,543,104	-$3,861,279 -$764,375	$5,917,450
22	$11,070,312	-$4,056,346 -$802,598	$6,211,368
23	$11,623,656	-$4,261,083 -$842,715	$6,519,858
24	$12,204,984	-$4,476,174 -$884,861	$6,843,949
25	$12,815,088	-$4,701,913 -$929,094	$7,184,081
26	$13,456,080	-$4,939,080 -$975,566	$7,541,434
27	$14,128,752	-$5,187,969 -$1,024,335	$7,916,448
28	$14,835,216	-$5,449,360 -$1,075,553	$8,310,303
29	$15,577,056	-$5,723,841 -$1,129,337	$8,723,878
30	$16,355,856	-$6,011,997 -$1,185,800	$9,158,059