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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 $90,000,000 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, Aug 23, 2019
Jackpot:$90,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,354,629$325,111$57,572$971,946
2$1,422,361$341,367$60,450$1,020,544
3$1,493,479$358,435$63,473$1,071,571
4$1,568,153$376,357$66,646$1,125,150
5$1,646,560$395,174$69,979$1,181,407
6$1,728,888$414,933$73,478$1,240,477
7$1,815,333$435,680$77,152$1,302,501
8$1,906,099$457,464$81,009$1,367,626
9$2,001,404$480,337$85,060$1,436,008
10$2,101,474$504,354$89,313$1,507,808
11$2,206,548$529,572$93,778$1,583,198
12$2,316,876$556,050$98,467$1,662,358
13$2,432,719$583,853$103,391$1,745,476
14$2,554,355$613,045$108,560$1,832,750
15$2,682,073$643,698$113,988$1,924,387
16$2,816,177$675,882$119,688$2,020,607
17$2,956,986$709,677$125,672$2,121,637
18$3,104,835$745,160$131,955$2,227,719
19$3,260,077$782,418$138,553$2,339,105
20$3,423,080$821,539$145,481$2,456,060
21$3,594,234$862,616$152,755$2,578,863
22$3,773,946$905,747$160,393$2,707,806
23$3,962,643$951,034$168,412$2,843,197
24$4,160,776$998,586$176,833$2,985,356
25$4,368,814$1,048,515$185,675$3,134,624
26$4,587,255$1,100,941$194,958$3,291,356
27$4,816,618$1,155,988$204,706$3,455,923
28$5,057,449$1,213,788$214,942$3,628,719
29$5,310,321$1,274,477$225,689$3,810,155
30$5,575,837$1,338,201$236,973$4,000,663
Total$90,000,000$21,600,000$3,825,000$64,575,000
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