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Michigan Mega Millions Jackpot Annuity Payout Schedule for Oct 3, 2014

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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 $120,000,000 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:Fri, Oct 3, 2014
Jackpot:$120,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,806,172$631,239$76,762$1,098,171
2$1,896,481$664,653$80,600$1,151,227
3$1,991,305$699,738$84,630$1,206,937
4$2,090,870$736,577$88,862$1,265,431
5$2,195,414$775,258$93,305$1,326,850
6$2,305,184$815,873$97,970$1,391,341
7$2,420,444$858,519$102,869$1,459,056
8$2,541,466$903,297$108,012$1,530,156
9$2,668,539$950,314$113,413$1,604,812
10$2,801,966$999,682$119,084$1,683,200
11$2,942,064$1,051,519$125,038$1,765,508
12$3,089,167$1,105,947$131,290$1,851,931
13$3,243,626$1,163,097$137,854$1,942,675
14$3,405,807$1,223,104$144,747$2,037,957
15$3,576,097$1,286,111$151,984$2,138,002
16$3,754,902$1,352,269$159,583$2,243,050
17$3,942,647$1,421,735$167,563$2,353,350
18$4,139,780$1,494,674$175,941$2,469,166
19$4,346,769$1,571,259$184,738$2,590,772
20$4,564,107$1,651,675$193,975$2,718,458
21$4,792,313$1,736,111$203,673$2,852,529
22$5,031,928$1,824,768$213,857$2,993,303
23$5,283,525$1,917,859$224,550$3,141,116
24$5,547,701$2,015,604$235,777$3,296,319
25$5,825,086$2,118,237$247,566$3,459,283
26$6,116,340$2,226,001$259,944$3,630,395
27$6,422,157$2,339,153$272,942$3,810,062
28$6,743,265$2,457,963$286,589$3,998,713
29$7,080,428$2,582,713$300,918$4,196,797
30$7,434,450$2,713,701$315,964$4,404,784
Total$120,000,000$43,288,650$5,100,000$71,611,351

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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.