USA Mega

Michigan Mega Millions Jackpot Annuity Payout Schedule for Aug 22, 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 $33,000,000 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 22, 2023
Jackpot:$33,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$496,697$144,219$21,110$331,369
2$521,532$152,911$22,165$346,456
3$547,609$162,038$23,273$362,298
4$574,989$171,621$24,437$378,931
5$603,739$181,683$25,659$396,397
6$633,926$192,740$26,942$414,244
7$665,622$204,468$28,289$432,865
8$698,903$216,782$29,703$452,418
9$733,848$229,712$31,189$472,948
10$770,541$243,288$32,748$494,505
11$809,068$257,543$34,385$517,140
12$849,521$272,511$36,105$540,906
13$891,997$288,227$37,910$565,861
14$936,597$304,729$39,805$592,063
15$983,427$322,056$41,796$619,575
16$1,032,598$340,249$43,885$648,464
17$1,084,228$359,352$46,080$678,796
18$1,138,439$379,410$48,384$710,645
19$1,195,361$400,471$50,803$744,087
20$1,255,129$422,586$53,343$779,201
21$1,317,886$445,806$56,010$816,070
22$1,383,780$470,186$58,811$854,783
23$1,452,969$495,786$61,751$895,432
24$1,525,618$522,666$64,839$938,113
25$1,601,899$550,890$68,081$982,928
26$1,681,994$580,525$71,485$1,029,983
27$1,766,093$611,642$75,059$1,079,392
28$1,854,398$644,315$78,812$1,131,271
29$1,947,118$678,621$82,753$1,185,744
30$2,044,474$714,643$86,890$1,242,941
Total$33,000,000$10,961,676$1,402,502$20,635,826

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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.