Minnesota Lottery

MNLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Sat Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(7.25%)	$5,705,750
Net Lumpsum Payment	$43,914,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$186,595	$1,474,519
2	$2,702,484	-$960,249 -$195,930	$1,546,305
3	$2,837,574	-$1,010,233 -$205,724	$1,621,617
4	$2,979,504	-$1,062,747 -$216,014	$1,700,743
5	$3,128,445	-$1,117,855 -$226,812	$1,783,778
6	$3,284,910	-$1,175,747 -$238,156	$1,871,007
7	$3,449,070	-$1,236,486 -$250,058	$1,962,526
8	$3,621,609	-$1,300,326 -$262,567	$2,058,716
9	$3,802,698	-$1,367,329 -$275,696	$2,159,673
10	$3,992,850	-$1,437,685 -$289,482	$2,265,683
11	$4,192,407	-$1,511,521 -$303,950	$2,376,936
12	$4,402,053	-$1,589,090 -$319,149	$2,493,814
13	$4,622,130	-$1,670,518 -$335,104	$2,616,508
14	$4,853,322	-$1,756,060 -$351,866	$2,745,396
15	$5,095,971	-$1,845,840 -$369,458	$2,880,673
16	$5,350,761	-$1,940,112 -$387,930	$3,022,719
17	$5,618,205	-$2,039,066 -$407,320	$3,171,819
18	$5,899,158	-$2,143,019 -$427,689	$3,328,450
19	$6,194,133	-$2,252,160 -$449,075	$3,492,898
20	$6,503,814	-$2,366,742 -$471,527	$3,665,545
21	$6,829,056	-$2,487,081 -$495,107	$3,846,868
22	$7,170,543	-$2,613,431 -$519,864	$4,037,248
23	$7,528,959	-$2,746,045 -$545,850	$4,237,064
24	$7,905,501	-$2,885,366 -$573,149	$4,446,986
25	$8,300,682	-$3,031,583 -$601,799	$4,667,300
26	$8,715,870	-$3,185,202 -$631,901	$4,898,767
27	$9,151,578	-$3,346,414 -$663,489	$5,141,675
28	$9,609,174	-$3,515,725 -$696,665	$5,396,784
29	$10,089,684	-$3,693,513 -$731,502	$5,664,669
30	$10,594,134	-$3,880,160 -$768,075	$5,945,899