USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Jan 8, 2013

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The tax information provided here is based on 2022 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Mega Millions annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $47,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money, as well as deductions claimed.

State:

Michigan

Drawing Date:Tue, Jan 8, 2013
Jackpot:$47,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$224,699$30,065$452,653
2$742,788$237,787$31,569$473,433
3$779,928$251,528$33,147$495,253
4$818,924$265,957$34,804$518,163
5$859,870$281,107$36,544$542,219
6$902,864$297,015$38,372$567,478
7$948,007$313,718$40,290$593,999
8$995,407$331,256$42,305$621,847
9$1,045,178$349,671$44,420$651,087
10$1,097,437$369,007$46,641$681,789
11$1,152,308$389,309$48,973$714,026
12$1,209,924$410,627$51,422$747,875
13$1,270,420$433,010$53,993$783,417
14$1,333,941$456,513$56,692$820,735
15$1,400,638$481,191$59,527$859,920
16$1,470,670$507,103$62,503$901,064
17$1,544,204$534,310$65,629$944,265
18$1,621,414$562,878$68,910$989,626
19$1,702,484$592,874$72,356$1,037,255
20$1,787,609$624,370$75,973$1,087,265
21$1,876,989$657,441$79,772$1,139,776
22$1,970,839$692,165$83,761$1,194,913
23$2,069,380$728,626$87,949$1,252,806
24$2,172,849$766,909$92,346$1,313,594
25$2,281,492$807,107$96,963$1,377,422
26$2,395,567$849,315$101,812$1,444,440
27$2,515,345$893,633$106,902$1,514,810
28$2,641,112$940,166$112,247$1,588,698
29$2,773,168$989,027$117,860$1,666,281
30$2,911,826$1,040,331$123,753$1,747,743
Total$47,000,000$16,278,650$1,997,500$28,723,852

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.