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Michigan Mega Millions Jackpot Annuity Payout Schedule for Nov 1, 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 $87,000,000 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, Nov 1, 2022
Jackpot:$87,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,309,475$442,693$55,653$811,129
2$1,374,949$466,919$58,435$849,595
3$1,443,696$492,355$61,357$889,984
4$1,515,881$519,064$64,425$932,392
5$1,591,675$547,107$67,646$976,921
6$1,671,259$576,553$71,028$1,023,677
7$1,754,822$607,472$74,580$1,072,770
8$1,842,563$639,936$78,309$1,124,318
9$1,934,691$674,023$82,224$1,178,443
10$2,031,425$709,815$86,336$1,235,275
11$2,132,997$747,396$90,652$1,294,948
12$2,239,646$786,857$95,185$1,357,605
13$2,351,629$828,290$99,944$1,423,394
14$2,469,210$871,796$104,941$1,492,473
15$2,592,671$917,476$110,189$1,565,006
16$2,722,304$965,440$115,698$1,641,166
17$2,858,419$1,015,803$121,483$1,721,134
18$3,001,340$1,068,684$127,557$1,805,100
19$3,151,407$1,124,208$133,935$1,893,264
20$3,308,978$1,182,510$140,632$1,985,837
21$3,474,427$1,243,726$147,663$2,083,038
22$3,648,148$1,308,002$155,046$2,185,099
23$3,830,555$1,375,493$162,799$2,292,264
24$4,022,083$1,446,358$170,939$2,404,786
25$4,223,187$1,520,767$179,485$2,522,935
26$4,434,347$1,598,896$188,460$2,646,991
27$4,656,064$1,680,931$197,883$2,777,250
28$4,888,867$1,767,069$207,777$2,914,022
29$5,133,311$1,857,513$218,166$3,057,632
30$5,389,976$1,952,479$229,074$3,208,423
Total$87,000,000$30,935,631$3,697,501$52,366,871

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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.