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Mega Millions Annuity Jackpot Analysis for Michigan (Apr. 3, 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 $121,000,000 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. 3, 2020
Jackpot:$121,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,821,224$437,094$77,402$1,306,728
2$1,912,285$458,948$81,272$1,372,064
3$2,007,899$481,896$85,336$1,440,668
4$2,108,294$505,991$89,602$1,512,701
5$2,213,709$531,290$94,083$1,588,336
6$2,324,394$557,855$98,787$1,667,753
7$2,440,614$585,747$103,726$1,751,140
8$2,562,645$615,035$108,912$1,838,698
9$2,690,777$645,786$114,358$1,930,632
10$2,825,316$678,076$120,076$2,027,164
11$2,966,581$711,980$126,080$2,128,522
12$3,114,911$747,579$132,384$2,234,948
13$3,270,656$784,957$139,003$2,346,696
14$3,434,189$824,205$145,953$2,464,030
15$3,605,898$865,416$153,251$2,587,232
16$3,786,193$908,686$160,913$2,716,594
17$3,975,503$954,121$168,959$2,852,423
18$4,174,278$1,001,827$177,407$2,995,044
19$4,382,992$1,051,918$186,277$3,144,797
20$4,602,141$1,104,514$195,591$3,302,037
21$4,832,248$1,159,740$205,371$3,467,138
22$5,073,861$1,217,727$215,639$3,640,495
23$5,327,554$1,278,613$226,421$3,822,520
24$5,593,932$1,342,544$237,742$4,013,646
25$5,873,628$1,409,671$249,629$4,214,328
26$6,167,310$1,480,154$262,111$4,425,045
27$6,475,675$1,554,162$275,216$4,646,297
28$6,799,459$1,631,870$288,977$4,878,612
29$7,139,432$1,713,464$303,426$5,122,542
30$7,496,404$1,799,137$318,597$5,378,670
Total$121,000,000$29,040,000$5,142,500$86,817,500
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