Introduction
Winning the lottery is exciting, but how much of your prize do you actually get after taxes? Understanding Minnesota Lottery Payouts helps you make the right financial decision.
Lump Sum vs. Annuity: Which One is Better?
???? Lump Sum – One big payment but higher taxes.
???? Annuity Payments – Paid over 30 years, reducing tax impact.
Minnesota Lottery Tax Breakdown
| Prize Amount | Federal Tax (24%) | State Tax (7.25%) | Total Deduction |
|---|---|---|---|
| $1,000,000 | $240,000 | $72,500 | $312,500 |
| $100,000 | $24,000 | $7,250 | $31,250 |
| $10,000 | $2,400 | $725 | $3,125 |
???? Pro Tip: Consult a financial expert to maximize your winnings!
Final Thoughts
Make an informed choice with your Minnesota Lottery Payouts and keep more of your prize! Click here for Minnesota lottery updates!