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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 $150,000,000 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, Apr 23, 2014
Jackpot:$150,000,000
Federal Tax:  25%
State Tax:4.35%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,674,515$668,629$116,341$1,889,545
2$2,781,495$695,374$120,995$1,965,127
3$2,892,755$723,189$125,835$2,043,732
4$3,008,465$752,116$130,868$2,125,481
5$3,128,804$782,201$136,103$2,210,500
6$3,253,956$813,489$141,547$2,298,920
7$3,384,115$846,029$147,209$2,390,877
8$3,519,479$879,870$153,097$2,486,512
9$3,660,258$915,065$159,221$2,585,972
10$3,806,669$951,667$165,590$2,689,411
11$3,958,935$989,734$172,214$2,796,988
12$4,117,293$1,029,323$179,102$2,908,867
13$4,281,984$1,070,496$186,266$3,025,222
14$4,453,264$1,113,316$193,717$3,146,231
15$4,631,394$1,157,849$201,466$3,272,080
16$4,816,650$1,204,163$209,524$3,402,963
17$5,009,316$1,252,329$217,905$3,539,082
18$5,209,689$1,302,422$226,621$3,680,645
19$5,418,076$1,354,519$235,686$3,827,871
20$5,634,799$1,408,700$245,114$3,980,986
21$5,860,191$1,465,048$254,918$4,140,225
22$6,094,599$1,523,650$265,115$4,305,834
23$6,338,383$1,584,596$275,720$4,478,068
24$6,591,918$1,647,980$286,748$4,657,190
25$6,855,595$1,713,899$298,218$4,843,478
26$7,129,819$1,782,455$310,147$5,037,217
27$7,415,012$1,853,753$322,553$5,238,706
28$7,711,612$1,927,903$335,455$5,448,254
29$8,020,077$2,005,019$348,873$5,666,184
30$8,340,880$2,085,220$362,828$5,892,831
Total$150,000,000$37,500,000$6,525,000$105,975,000
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