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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 $378,000,000 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, Jun 5, 2020
Jackpot:$378,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,689,442$1,365,466$241,801$4,082,175
2$5,973,915$1,433,740$253,891$4,286,284
3$6,272,610$1,505,426$266,586$4,500,598
4$6,586,241$1,580,698$279,915$4,725,628
5$6,915,553$1,659,733$293,911$4,961,909
6$7,261,330$1,742,719$308,607$5,210,005
7$7,624,397$1,829,855$324,037$5,470,505
8$8,005,617$1,921,348$340,239$5,744,030
9$8,405,898$2,017,415$357,251$6,031,232
10$8,826,193$2,118,286$375,113$6,332,793
11$9,267,502$2,224,201$393,869$6,649,433
12$9,730,877$2,335,411$413,562$6,981,905
13$10,217,421$2,452,181$434,240$7,331,000
14$10,728,292$2,574,790$455,952$7,697,550
15$11,264,707$2,703,530$478,750$8,082,427
16$11,827,942$2,838,706$502,688$8,486,549
17$12,419,339$2,980,641$527,822$8,910,876
18$13,040,306$3,129,674$554,213$9,356,420
19$13,692,322$3,286,157$581,924$9,824,241
20$14,376,938$3,450,465$611,020$10,315,453
21$15,095,785$3,622,988$641,571$10,831,225
22$15,850,574$3,804,138$673,649$11,372,787
23$16,643,103$3,994,345$707,332$11,941,426
24$17,475,258$4,194,062$742,698$12,538,497
25$18,349,020$4,403,765$779,833$13,165,422
26$19,266,472$4,623,953$818,825$13,823,693
27$20,229,795$4,855,151$859,766$14,514,878
28$21,241,285$5,097,908$902,755$15,240,622
29$22,303,349$5,352,804$947,892$16,002,653
30$23,418,517$5,620,444$995,287$16,802,786
Total$378,000,001$90,720,000$16,065,000$271,215,001
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