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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 $109,000,000 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, Oct 27, 2020
Jackpot:$109,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,640,606$393,746$69,726$1,177,135
2$1,722,637$413,433$73,212$1,235,992
3$1,808,769$434,104$76,873$1,297,791
4$1,899,207$455,810$80,716$1,362,681
5$1,994,167$478,600$84,752$1,430,815
6$2,093,876$502,530$88,990$1,502,356
7$2,198,570$527,657$93,439$1,577,474
8$2,308,498$554,040$98,111$1,656,347
9$2,423,923$581,742$103,017$1,739,165
10$2,545,119$610,829$108,168$1,826,123
11$2,672,375$641,370$113,576$1,917,429
12$2,805,994$673,439$119,255$2,013,301
13$2,946,293$707,110$125,217$2,113,966
14$3,093,608$742,466$131,478$2,219,664
15$3,248,289$779,589$138,052$2,330,647
16$3,410,703$818,569$144,955$2,447,179
17$3,581,238$859,497$152,203$2,569,538
18$3,760,300$902,472$159,813$2,698,015
19$3,948,315$947,596$167,803$2,832,916
20$4,145,731$994,975$176,194$2,974,562
21$4,353,017$1,044,724$185,003$3,123,290
22$4,570,668$1,096,960$194,253$3,279,454
23$4,799,202$1,151,808$203,966$3,443,427
24$5,039,162$1,209,399$214,164$3,615,598
25$5,291,120$1,269,869$224,873$3,796,378
26$5,555,676$1,333,362$236,116$3,986,197
27$5,833,459$1,400,030$247,922$4,185,507
28$6,125,132$1,470,032$260,318$4,394,782
29$6,431,389$1,543,533$273,334$4,614,522
30$6,752,959$1,620,710$287,001$4,845,248
Total$109,000,000$26,160,000$4,632,500$78,207,500
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