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Mega Millions Annuity Jackpot Analysis for Michigan

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The Mega Millions 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 $224,000,000 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:  Fri, Feb 22, 2019
Jackpot:$224,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,371,521$809,165$143,290$2,419,067
2$3,540,098$849,623$150,454$2,540,020
3$3,717,102$892,105$157,977$2,667,021
4$3,902,958$936,710$165,876$2,800,372
5$4,098,105$983,545$174,169$2,940,391
6$4,303,011$1,032,723$182,878$3,087,410
7$4,518,161$1,084,359$192,022$3,241,781
8$4,744,069$1,138,577$201,623$3,403,870
9$4,981,273$1,195,505$211,704$3,574,063
10$5,230,336$1,255,281$222,289$3,752,766
11$5,491,853$1,318,045$233,404$3,940,405
12$5,766,446$1,383,947$245,074$4,137,425
13$6,054,768$1,453,144$257,328$4,344,296
14$6,357,507$1,525,802$270,194$4,561,511
15$6,675,382$1,602,092$283,704$4,789,587
16$7,009,151$1,682,196$297,889$5,029,066
17$7,359,608$1,766,306$312,783$5,280,519
18$7,727,589$1,854,621$328,423$5,544,545
19$8,113,968$1,947,352$344,844$5,821,772
20$8,519,667$2,044,720$362,086$6,112,861
21$8,945,650$2,146,956$380,190$6,418,504
22$9,392,933$2,254,304$399,200$6,739,429
23$9,862,579$2,367,019$419,160$7,076,401
24$10,355,708$2,485,370$440,118$7,430,221
25$10,873,494$2,609,638$462,123$7,801,732
26$11,417,168$2,740,120$485,230$8,191,818
27$11,988,027$2,877,126$509,491$8,601,409
28$12,587,428$3,020,983$534,966$9,031,480
29$13,216,799$3,172,032$561,714$9,483,054
30$13,877,640$3,330,633$589,800$9,957,206
Total$224,000,000$53,760,000$9,520,000$160,720,000
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