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Mega Millions Annuity Jackpot Analysis for Michigan (Oct. 26, 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 $40,000,000 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. 26, 2018
Jackpot:$40,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$602,057$144,494$25,587$431,976
2$632,160$151,718$26,867$453,575
3$663,768$159,304$28,210$476,254
4$696,957$167,270$29,621$500,066
5$731,805$175,633$31,102$525,070
6$768,395$184,415$32,657$551,323
7$806,815$193,635$34,290$578,889
8$847,155$203,317$36,004$607,834
9$889,513$213,483$37,804$638,226
10$933,989$224,157$39,695$670,137
11$980,688$235,365$41,679$703,644
12$1,029,722$247,133$43,763$738,826
13$1,081,209$259,490$45,951$775,767
14$1,135,269$272,465$48,249$814,556
15$1,192,032$286,088$50,661$855,283
16$1,251,634$300,392$53,194$898,047
17$1,314,216$315,412$55,854$942,950
18$1,379,927$331,182$58,647$990,097
19$1,448,923$347,742$61,579$1,039,602
20$1,521,369$365,129$64,658$1,091,582
21$1,597,438$383,385$67,891$1,146,161
22$1,677,309$402,554$71,286$1,203,469
23$1,761,175$422,682$74,850$1,263,643
24$1,849,234$443,816$78,592$1,326,825
25$1,941,695$466,007$82,522$1,393,166
26$2,038,780$489,307$86,648$1,462,825
27$2,140,719$513,773$90,981$1,535,966
28$2,247,755$539,461$95,530$1,612,764
29$2,360,143$566,434$100,306$1,693,402
30$2,478,150$594,756$105,321$1,778,073
Total$40,000,000$9,600,000$1,700,000$28,700,000
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