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Mega Millions Annuity Jackpot Analysis for Michigan (Aug. 4, 2017 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 $323,000,000 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:  Aug. 4, 2017
Jackpot:$323,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,861,614$1,166,787$206,619$3,488,208
2$5,104,694$1,225,127$216,950$3,662,618
3$5,359,929$1,286,383$227,797$3,845,749
4$5,627,926$1,350,702$239,187$4,038,037
5$5,909,321$1,418,237$251,146$4,239,938
6$6,204,788$1,489,149$263,703$4,451,935
7$6,515,027$1,563,607$276,889$4,674,532
8$6,840,779$1,641,787$290,733$4,908,259
9$7,182,817$1,723,876$305,270$5,153,672
10$7,541,958$1,810,070$320,533$5,411,355
11$7,919,056$1,900,573$336,560$5,681,923
12$8,315,009$1,995,602$353,388$5,966,019
13$8,730,759$2,095,382$371,057$6,264,320
14$9,167,297$2,200,151$389,610$6,577,536
15$9,625,662$2,310,159$409,091$6,906,413
16$10,106,946$2,425,667$429,545$7,251,733
17$10,612,293$2,546,950$451,022$7,614,320
18$11,142,907$2,674,298$473,574$7,995,036
19$11,700,053$2,808,013$497,252$8,394,788
20$12,285,055$2,948,413$522,115$8,814,527
21$12,899,308$3,095,834$548,221$9,255,253
22$13,544,273$3,250,626$575,632$9,718,016
23$14,221,487$3,413,157$604,413$10,203,917
24$14,932,561$3,583,815$634,634$10,714,113
25$15,679,189$3,763,005$666,366$11,249,818
26$16,463,149$3,951,156$699,684$11,812,310
27$17,286,307$4,148,714$734,668$12,402,925
28$18,150,622$4,356,149$771,401$13,023,071
29$19,058,153$4,573,957$809,971$13,674,225
30$20,011,061$4,802,655$850,470$14,357,936
Total$323,000,001$77,520,000$13,727,500$231,752,500
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