USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Oct 25, 2022

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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 $45,000,000 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:Tue, Oct 25, 2022
Jackpot:$45,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$677,315$208,794$28,786$439,735
2$711,180$221,324$30,225$459,631
3$746,739$234,481$31,736$480,522
4$784,076$248,296$33,323$502,457
5$823,280$262,801$34,989$525,489
6$864,444$278,032$36,739$549,673
7$907,666$294,024$38,576$575,066
8$953,050$310,816$40,505$601,729
9$1,000,702$328,448$42,530$629,725
10$1,050,737$346,961$44,656$659,120
11$1,103,274$366,399$46,889$689,986
12$1,158,438$386,810$49,234$722,394
13$1,216,360$408,241$51,695$756,424
14$1,277,178$430,743$54,280$792,154
15$1,341,037$454,371$56,994$829,671
16$1,408,088$479,180$59,844$869,064
17$1,478,493$505,230$62,836$910,427
18$1,552,417$532,582$65,978$953,857
19$1,630,038$561,302$69,277$999,460
20$1,711,540$591,458$72,740$1,047,342
21$1,797,117$623,121$76,377$1,097,619
22$1,886,973$656,368$80,196$1,150,409
23$1,981,322$691,277$84,206$1,205,839
24$2,080,388$727,931$88,416$1,264,040
25$2,184,407$766,418$92,837$1,325,151
26$2,293,628$806,830$97,479$1,389,318
27$2,408,309$849,262$102,353$1,456,694
28$2,528,724$893,816$107,471$1,527,438
29$2,655,161$940,597$112,844$1,601,719
30$2,787,919$989,718$118,487$1,679,714
Total$45,000,000$15,395,631$1,912,498$27,691,867

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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.