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Michigan Mega Millions Jackpot Annuity Payout Schedule for Jul 28, 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 $940,000,000 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, Jul 28, 2023
Jackpot:$940,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$14,148,349$5,193,077$601,305$8,353,967
2$14,855,767$5,454,821$631,370$8,769,575
3$15,598,555$5,729,653$662,939$9,205,963
4$16,378,483$6,018,226$696,086$9,664,171
5$17,197,406$6,321,228$730,890$10,145,288
6$18,057,277$6,639,380$767,434$10,650,462
7$18,960,141$6,973,440$805,806$11,180,895
8$19,908,148$7,324,203$846,096$11,737,849
9$20,903,556$7,692,503$888,401$12,322,651
10$21,948,733$8,079,219$932,821$12,936,693
11$23,046,170$8,485,271$979,462$13,581,437
12$24,198,478$8,911,625$1,028,435$14,258,418
13$25,408,402$9,359,297$1,079,857$14,969,248
14$26,678,822$9,829,352$1,133,850$15,715,620
15$28,012,763$10,322,910$1,190,542$16,499,311
16$29,413,402$10,841,146$1,250,070$17,322,186
17$30,884,071$11,385,294$1,312,573$18,186,204
18$32,428,275$11,956,650$1,378,202$19,093,424
19$34,049,689$12,556,573$1,447,112$20,046,004
20$35,752,173$13,186,492$1,519,467$21,046,214
21$37,539,782$13,847,907$1,595,441$22,096,434
22$39,416,771$14,542,393$1,675,213$23,199,165
23$41,387,610$15,271,603$1,758,973$24,357,033
24$43,456,990$16,037,274$1,846,922$25,572,794
25$45,629,839$16,841,228$1,939,268$26,849,343
26$47,911,332$17,685,381$2,036,232$28,189,720
27$50,306,898$18,571,740$2,138,043$29,597,115
28$52,822,243$19,502,417$2,244,945$31,074,880
29$55,463,355$20,479,629$2,357,193$32,626,533
30$58,236,523$21,505,701$2,475,052$34,255,770
Total$940,000,002$346,545,633$39,950,000$553,504,367

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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.