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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 $60,000,000 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:  Tue, Jun 25, 2019
Jackpot:$60,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$216,741$38,381$647,964
2$948,240$227,578$40,300$680,363
3$995,652$238,957$42,315$714,381
4$1,045,435$250,904$44,431$750,100
5$1,097,707$263,450$46,653$787,605
6$1,152,592$276,622$48,985$826,985
7$1,210,222$290,453$51,434$868,334
8$1,270,733$304,976$54,006$911,751
9$1,334,270$320,225$56,706$957,338
10$1,400,983$336,236$59,542$1,005,205
11$1,471,032$353,048$62,519$1,055,466
12$1,544,584$370,700$65,645$1,108,239
13$1,621,813$389,235$68,927$1,163,651
14$1,702,904$408,697$72,373$1,221,833
15$1,788,049$429,132$75,992$1,282,925
16$1,877,451$450,588$79,792$1,347,071
17$1,971,324$473,118$83,781$1,414,425
18$2,069,890$496,774$87,970$1,485,146
19$2,173,384$521,612$92,369$1,559,403
20$2,282,054$547,693$96,987$1,637,373
21$2,396,156$575,078$101,837$1,719,242
22$2,515,964$603,831$106,928$1,805,204
23$2,641,762$634,023$112,275$1,895,464
24$2,773,850$665,724$117,889$1,990,238
25$2,912,543$699,010$123,783$2,089,750
26$3,058,170$733,961$129,972$2,194,237
27$3,211,079$770,659$136,471$2,303,949
28$3,371,633$809,192$143,294$2,419,146
29$3,540,214$849,651$150,459$2,540,104
30$3,717,225$892,134$157,982$2,667,109
Total$60,000,000$14,400,000$2,550,000$43,050,000
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