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Powerball Annuity Jackpot Analysis for Michigan

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $60,000,000 would be for a resident of Michigan, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Michigan

Drawing Date:  Wed, Jul 30, 2014
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:4.35%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$46,537$755,818
2$1,112,598$278,150$48,398$786,051
3$1,157,102$289,276$50,334$817,493
4$1,203,386$300,847$52,347$850,192
5$1,251,522$312,880$54,441$884,200
6$1,301,583$325,396$56,619$919,568
7$1,353,646$338,411$58,884$956,351
8$1,407,792$351,948$61,239$994,605
9$1,464,103$366,026$63,688$1,034,389
10$1,522,667$380,667$66,236$1,075,765
11$1,583,574$395,894$68,885$1,118,795
12$1,646,917$411,729$71,641$1,163,547
13$1,712,794$428,198$74,507$1,210,089
14$1,781,306$445,326$77,487$1,258,492
15$1,852,558$463,139$80,586$1,308,832
16$1,926,660$481,665$83,810$1,361,185
17$2,003,726$500,932$87,162$1,415,633
18$2,083,876$520,969$90,649$1,472,258
19$2,167,231$541,808$94,275$1,531,148
20$2,253,920$563,480$98,046$1,592,394
21$2,344,077$586,019$101,967$1,656,090
22$2,437,840$609,460$106,046$1,722,334
23$2,535,353$633,838$110,288$1,791,227
24$2,636,767$659,192$114,699$1,862,876
25$2,742,238$685,560$119,287$1,937,391
26$2,851,928$712,982$124,059$2,014,887
27$2,966,005$741,501$129,021$2,095,482
28$3,084,645$771,161$134,182$2,179,302
29$3,208,031$802,008$139,549$2,266,474
30$3,336,352$834,088$145,131$2,357,133
Total$60,000,000$15,000,000$2,610,000$42,390,000
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