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Mega Millions Annuity Jackpot Analysis for Michigan (Apr. 14, 2020 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 $145,000,000 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:  Apr. 14, 2020
Jackpot:$145,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,182,458$523,790$92,754$1,565,914
2$2,291,581$549,979$97,392$1,644,209
3$2,406,160$577,478$102,262$1,726,420
4$2,526,468$606,352$107,375$1,812,741
5$2,652,791$636,670$112,744$1,903,378
6$2,785,431$668,503$118,381$1,998,547
7$2,924,703$701,929$124,300$2,098,474
8$3,070,938$737,025$130,515$2,203,398
9$3,224,485$773,876$137,041$2,313,568
10$3,385,709$812,570$143,893$2,429,246
11$3,554,994$853,199$151,087$2,550,708
12$3,732,744$895,859$158,642$2,678,244
13$3,919,381$940,651$166,574$2,812,156
14$4,115,350$987,684$174,902$2,952,764
15$4,321,118$1,037,068$183,648$3,100,402
16$4,537,174$1,088,922$192,830$3,255,422
17$4,764,032$1,143,368$202,471$3,418,193
18$5,002,234$1,200,536$212,595$3,589,103
19$5,252,346$1,260,563$223,225$3,768,558
20$5,514,963$1,323,591$234,386$3,956,986
21$5,790,711$1,389,771$246,105$4,154,835
22$6,080,247$1,459,259$258,410$4,362,577
23$6,384,259$1,532,222$271,331$4,580,706
24$6,703,472$1,608,833$284,898$4,809,741
25$7,038,645$1,689,275$299,142$5,050,228
26$7,390,578$1,773,739$314,100$5,302,740
27$7,760,107$1,862,426$329,805$5,567,877
28$8,148,112$1,955,547$346,295$5,846,270
29$8,555,518$2,053,324$363,609$6,138,584
30$8,983,293$2,155,990$381,790$6,445,513
Total$145,000,000$34,800,000$6,162,500$104,037,500
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