USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Aug 15, 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 $36,000,000 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, Aug 15, 2023
Jackpot:$36,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$541,852$160,023$23,029$358,800
2$568,944$169,505$24,180$375,259
3$597,391$179,462$25,389$392,541
4$627,261$190,274$26,659$410,328
5$658,624$201,879$27,992$428,754
6$691,555$214,063$29,391$448,101
7$726,133$226,857$30,861$468,415
8$762,440$240,290$32,404$489,746
9$800,562$254,396$34,024$512,142
10$840,590$269,206$35,725$535,659
11$882,619$284,757$37,511$560,351
12$926,750$301,085$39,387$586,278
13$973,088$318,230$41,356$613,501
14$1,021,742$336,232$43,424$642,086
15$1,072,829$355,135$45,595$672,099
16$1,126,471$374,982$47,875$703,614
17$1,182,794$395,822$50,269$736,704
18$1,241,934$417,703$52,782$771,448
19$1,304,031$440,679$55,421$807,930
20$1,369,232$464,804$58,192$846,236
21$1,437,694$490,134$61,102$886,457
22$1,509,578$516,732$64,157$928,690
23$1,585,057$544,659$67,365$973,033
24$1,664,310$573,983$70,733$1,019,595
25$1,747,526$604,772$74,270$1,068,484
26$1,834,902$637,102$77,983$1,119,817
27$1,926,647$671,047$81,883$1,173,717
28$2,022,980$706,690$85,977$1,230,313
29$2,124,128$744,115$90,275$1,289,738
30$2,230,335$783,412$94,789$1,352,134
Total$36,000,000$12,068,030$1,530,000$22,401,970

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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.