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Michigan Mega Millions Jackpot Annuity Payout Schedule for Aug 29, 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 $67,000,000 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 29, 2023
Jackpot:$67,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$331,313$42,859$634,274
2$1,058,868$349,969$45,002$663,897
3$1,111,812$369,558$47,252$695,002
4$1,167,403$390,127$49,615$727,661
5$1,225,773$411,724$52,095$761,954
6$1,287,061$434,400$54,700$797,961
7$1,351,414$458,211$57,435$835,768
8$1,418,985$483,212$60,307$875,466
9$1,489,934$509,463$63,322$917,149
10$1,564,431$537,027$66,488$960,915
11$1,642,653$565,969$69,813$1,006,871
12$1,724,785$596,358$73,303$1,055,124
13$1,811,024$628,267$76,969$1,105,789
14$1,901,576$661,771$80,817$1,158,988
15$1,996,654$696,950$84,858$1,214,847
16$2,096,487$733,888$89,101$1,273,498
17$2,201,311$772,673$93,556$1,335,083
18$2,311,377$813,397$98,234$1,399,746
19$2,426,946$856,158$103,145$1,467,643
20$2,548,293$901,056$108,302$1,538,935
21$2,675,708$948,200$113,718$1,613,791
22$2,809,493$997,700$119,403$1,692,390
23$2,949,968$1,049,676$125,374$1,774,918
24$3,097,466$1,104,250$131,642$1,861,574
25$3,252,340$1,161,553$138,224$1,952,562
26$3,414,957$1,221,722$145,136$2,048,099
27$3,585,704$1,284,898$152,392$2,148,414
28$3,764,990$1,351,234$160,012$2,253,744
29$3,953,239$1,420,886$168,013$2,364,340
30$4,150,901$1,494,021$176,413$2,480,467
Total$67,000,000$23,535,631$2,847,500$40,616,870

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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.