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Mega Millions Annuity Jackpot Analysis for Michigan (Aug. 7, 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 $55,000,000 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. 7, 2018
Jackpot:$55,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$827,829$198,679$35,183$593,967
2$869,220$208,613$36,942$623,666
3$912,681$219,044$38,789$654,849
4$958,315$229,996$40,728$687,591
5$1,006,231$241,495$42,765$721,971
6$1,056,543$253,570$44,903$758,069
7$1,109,370$266,249$47,148$795,973
8$1,164,838$279,561$49,506$835,772
9$1,223,080$293,539$51,981$877,560
10$1,284,234$308,216$54,580$921,438
11$1,348,446$323,627$57,309$967,510
12$1,415,868$339,808$60,174$1,015,886
13$1,486,662$356,799$63,183$1,066,680
14$1,560,995$374,639$66,342$1,120,014
15$1,639,045$393,371$69,659$1,176,015
16$1,720,997$413,039$73,142$1,234,815
17$1,807,047$433,691$76,799$1,296,556
18$1,897,399$455,376$80,639$1,361,384
19$1,992,269$478,145$84,671$1,429,453
20$2,091,882$502,052$88,905$1,500,926
21$2,196,477$527,154$93,350$1,575,972
22$2,306,300$553,512$98,018$1,654,771
23$2,421,615$581,188$102,919$1,737,509
24$2,542,696$610,247$108,065$1,824,385
25$2,669,831$640,759$113,468$1,915,604
26$2,803,323$672,797$119,141$2,011,384
27$2,943,489$706,437$125,098$2,111,953
28$3,090,663$741,759$131,353$2,217,551
29$3,245,196$778,847$137,921$2,328,428
30$3,407,456$817,789$144,817$2,444,850
Total$55,000,000$13,200,000$2,337,500$39,462,500
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