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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 $212,000,000 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, Apr 26, 2019
Jackpot:$212,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,190,904$765,817$135,613$2,289,474
2$3,350,449$804,108$142,394$2,403,948
3$3,517,972$844,313$149,514$2,524,145
4$3,693,871$886,529$156,990$2,650,352
5$3,878,564$930,855$164,839$2,782,870
6$4,072,492$977,398$173,081$2,922,013
7$4,276,117$1,026,268$181,735$3,068,114
8$4,489,923$1,077,581$190,822$3,221,520
9$4,714,419$1,131,461$200,363$3,382,596
10$4,950,140$1,188,034$210,381$3,551,725
11$5,197,647$1,247,435$220,900$3,729,312
12$5,457,529$1,309,807$231,945$3,915,777
13$5,730,406$1,375,297$243,542$4,111,566
14$6,016,926$1,444,062$255,719$4,317,144
15$6,317,772$1,516,265$268,505$4,533,002
16$6,633,661$1,592,079$281,931$4,759,652
17$6,965,344$1,671,682$296,027$4,997,634
18$7,313,611$1,755,267$310,828$5,247,516
19$7,679,291$1,843,030$326,370$5,509,892
20$8,063,256$1,935,181$342,688$5,785,386
21$8,466,419$2,031,941$359,823$6,074,656
22$8,889,740$2,133,538$377,814$6,378,388
23$9,334,227$2,240,214$396,705$6,697,308
24$9,800,938$2,352,225$416,540$7,032,173
25$10,290,985$2,469,836$437,367$7,383,782
26$10,805,534$2,593,328$459,235$7,752,971
27$11,345,811$2,722,995$482,197$8,140,619
28$11,913,102$2,859,144$506,307$8,547,650
29$12,508,757$3,002,102$531,622$8,975,033
30$13,134,195$3,152,207$558,203$9,423,785
Total$212,000,000$50,880,000$9,010,000$152,110,000
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