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Michigan Mega Millions Jackpot Annuity Payout Schedule for Jul 11, 2023

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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 $500,000,000 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, Jul 11, 2023
Jackpot:$500,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,525,718$2,742,703$319,843$4,463,171
2$7,902,004$2,881,929$335,835$4,684,239
3$8,297,104$3,028,116$352,627$4,916,361
4$8,711,959$3,181,613$370,258$5,160,088
5$9,147,557$3,342,784$388,771$5,416,002
6$9,604,935$3,512,014$408,210$5,684,711
7$10,085,182$3,689,705$428,620$5,966,856
8$10,589,441$3,876,281$450,051$6,263,109
9$11,118,913$4,072,185$472,554$6,574,173
10$11,674,858$4,277,885$496,181$6,900,791
11$12,258,601$4,493,870$520,991$7,243,740
12$12,871,531$4,720,654$547,040$7,603,837
13$13,515,108$4,958,778$574,392$7,981,938
14$14,190,863$5,208,807$603,112$8,378,944
15$14,900,406$5,471,338$633,267$8,795,801
16$15,645,427$5,746,996$664,931$9,233,500
17$16,427,698$6,036,436$698,177$9,693,085
18$17,249,083$6,340,348$733,086$10,175,648
19$18,111,537$6,659,456$769,740$10,682,340
20$19,017,114$6,994,520$808,227$11,214,366
21$19,967,969$7,346,336$848,639$11,772,994
22$20,966,368$7,715,744$891,071$12,359,553
23$22,014,686$8,103,622$935,624$12,975,440
24$23,115,420$8,510,893$982,405$13,622,122
25$24,271,191$8,938,528$1,031,526$14,301,137
26$25,484,751$9,387,546$1,083,102$15,014,103
27$26,758,989$9,859,013$1,137,257$15,762,718
28$28,096,938$10,354,055$1,194,120$16,548,763
29$29,501,785$10,873,848$1,253,826$17,374,111
30$30,976,874$11,419,631$1,316,517$18,240,726
Total$500,000,001$183,745,634$21,250,000$295,004,367

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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.