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Powerball Annuity Jackpot Analysis for Michigan (Feb. 5, 2014 Drawing)

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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 $219,600,000 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:  Feb. 5, 2014
Jackpot:$219,600,000
Federal Tax:  25%
State Tax:4.35%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,915,490$978,872$170,324$2,766,294
2$4,072,109$1,018,027$177,137$2,876,945
3$4,234,994$1,058,748$184,222$2,992,023
4$4,404,393$1,101,098$191,591$3,111,704
5$4,580,569$1,145,142$199,255$3,236,172
6$4,763,792$1,190,948$207,225$3,365,619
7$4,954,344$1,238,586$215,514$3,500,244
8$5,152,517$1,288,129$224,135$3,640,254
9$5,358,618$1,339,655$233,100$3,785,864
10$5,572,963$1,393,241$242,424$3,937,298
11$5,795,881$1,448,970$252,121$4,094,790
12$6,027,717$1,506,929$262,206$4,258,582
13$6,268,825$1,567,206$272,694$4,428,925
14$6,519,578$1,629,895$283,602$4,606,082
15$6,780,361$1,695,090$294,946$4,790,325
16$7,051,576$1,762,894$306,744$4,981,938
17$7,333,639$1,833,410$319,013$5,181,216
18$7,626,984$1,906,746$331,774$5,388,465
19$7,932,064$1,983,016$345,045$5,604,003
20$8,249,346$2,062,337$358,847$5,828,163
21$8,579,320$2,144,830$373,200$6,061,290
22$8,922,493$2,230,623$388,128$6,303,741
23$9,279,393$2,319,848$403,654$6,555,891
24$9,650,568$2,412,642$419,800$6,818,127
25$10,036,591$2,509,148$436,592$7,090,852
26$10,438,055$2,609,514$454,055$7,374,486
27$10,855,577$2,713,894$472,218$7,669,465
28$11,289,800$2,822,450$491,106$7,976,244
29$11,741,392$2,935,348$510,751$8,295,294
30$12,211,048$3,052,762$531,181$8,627,105
Total$219,600,000$54,900,000$9,552,600$155,147,400
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