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Mega Millions Annuity Jackpot Analysis for Michigan (Oct. 16, 2018 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 $667,000,000 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:  Oct. 16, 2018
Jackpot:$667,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,039,307$2,409,434$426,671$7,203,203
2$10,541,273$2,529,905$448,004$7,563,363
3$11,068,336$2,656,401$470,404$7,941,531
4$11,621,753$2,789,221$493,925$8,338,608
5$12,202,840$2,928,682$518,621$8,755,538
6$12,812,983$3,075,116$544,552$9,193,315
7$13,453,632$3,228,872$571,779$9,652,981
8$14,126,314$3,390,315$600,368$10,135,630
9$14,832,629$3,559,831$630,387$10,642,412
10$15,574,261$3,737,823$661,906$11,174,532
11$16,352,974$3,924,714$695,001$11,733,259
12$17,170,622$4,120,949$729,751$12,319,922
13$18,029,153$4,326,997$766,239$12,935,918
14$18,930,611$4,543,347$804,551$13,582,714
15$19,877,142$4,770,514$844,779$14,261,849
16$20,870,999$5,009,040$887,017$14,974,942
17$21,914,548$5,259,492$931,368$15,723,689
18$23,010,276$5,522,466$977,937$16,509,873
19$24,160,790$5,798,590$1,026,834$17,335,367
20$25,368,829$6,088,519$1,078,175$18,202,135
21$26,637,271$6,392,945$1,132,084$19,112,242
22$27,969,134$6,712,592$1,188,688$20,067,854
23$29,367,591$7,048,222$1,248,123$21,071,247
24$30,835,970$7,400,633$1,310,529$22,124,809
25$32,377,769$7,770,665$1,376,055$23,231,049
26$33,996,658$8,159,198$1,444,858$24,392,602
27$35,696,491$8,567,158$1,517,101$25,612,232
28$37,481,315$8,995,516$1,592,956$26,892,843
29$39,355,381$9,445,291$1,672,604$28,237,486
30$41,323,150$9,917,556$1,756,234$29,649,360
Total$667,000,001$160,080,000$28,347,500$478,572,501
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