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Michigan Mega Millions Jackpot Annuity Payout Schedule for Jan 1, 2021

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The tax information provided here is based on 2024 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 $401,000,000 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 money, as well as deductions claimed.

State:

Michigan

Drawing Date:Fri, Jan 1, 2021
Jackpot:$401,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,035,625$2,191,369$256,514$3,587,742
2$6,337,407$2,303,028$269,340$3,765,039
3$6,654,277$2,420,270$282,807$3,951,200
4$6,986,991$2,543,374$296,947$4,146,670
5$7,336,340$2,672,634$311,794$4,351,912
6$7,703,157$2,808,356$327,384$4,567,417
7$8,088,316$2,950,865$343,753$4,793,698
8$8,492,731$3,100,498$360,941$5,031,292
9$8,917,368$3,257,614$378,988$5,280,766
10$9,363,236$3,422,585$397,938$5,542,713
11$9,831,398$3,595,805$417,834$5,817,759
12$10,322,968$3,777,686$438,726$6,106,556
13$10,839,116$3,968,661$460,662$6,409,793
14$11,381,072$4,169,184$483,696$6,728,192
15$11,950,126$4,379,734$507,880$7,062,511
16$12,547,632$4,600,812$533,274$7,413,546
17$13,175,013$4,832,943$559,938$7,782,133
18$13,833,764$5,076,680$587,935$8,169,149
19$14,525,452$5,332,605$617,332$8,575,515
20$15,251,725$5,601,326$648,198$9,002,201
21$16,014,311$5,883,483$680,608$9,450,220
22$16,815,027$6,179,748$714,639$9,920,640
23$17,655,778$6,490,826$750,371$10,414,582
24$18,538,567$6,817,457$787,889$10,933,220
25$19,465,495$7,160,421$827,284$11,477,791
26$20,438,770$7,520,533$868,648$12,049,590
27$21,460,709$7,898,650$912,080$12,649,979
28$22,533,744$8,295,673$957,684$13,280,387
29$23,660,431$8,712,547$1,005,568$13,942,316
30$24,843,453$9,150,265$1,055,847$14,637,341
Total$401,000,001$147,115,632$17,042,499$236,841,870

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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.