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Mega Millions Annuity Jackpot Analysis for Michigan (Jan. 8, 2019 Drawing)

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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 $45,000,000 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:  Jan. 8, 2019
Jackpot:$45,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$162,555$28,786$485,973
2$711,180$170,683$30,225$510,272
3$746,739$179,217$31,736$535,785
4$784,076$188,178$33,323$562,575
5$823,280$197,587$34,989$590,703
6$864,444$207,467$36,739$620,239
7$907,666$217,840$38,576$651,251
8$953,050$228,732$40,505$683,813
9$1,000,702$240,169$42,530$718,004
10$1,050,737$252,177$44,656$753,904
11$1,103,274$264,786$46,889$791,599
12$1,158,438$278,025$49,234$831,179
13$1,216,360$291,926$51,695$872,738
14$1,277,178$306,523$54,280$916,375
15$1,341,037$321,849$56,994$962,194
16$1,408,088$337,941$59,844$1,010,303
17$1,478,493$354,838$62,836$1,060,819
18$1,552,417$372,580$65,978$1,113,860
19$1,630,038$391,209$69,277$1,169,552
20$1,711,540$410,770$72,740$1,228,030
21$1,797,117$431,308$76,377$1,289,432
22$1,886,973$452,874$80,196$1,353,903
23$1,981,322$475,517$84,206$1,421,598
24$2,080,388$499,293$88,416$1,492,678
25$2,184,407$524,258$92,837$1,567,312
26$2,293,628$550,471$97,479$1,645,678
27$2,408,309$577,994$102,353$1,727,962
28$2,528,724$606,894$107,471$1,814,360
29$2,655,161$637,239$112,844$1,905,078
30$2,787,919$669,100$118,487$2,000,332
Total$45,000,000$10,800,000$1,912,500$32,287,500
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