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Michigan Mega Millions Jackpot Annuity Payout Schedule for Aug 4, 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 $1,350,000,000 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, Aug 4, 2023
Jackpot:$1,350,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$20,319,437$7,476,380$863,576$11,979,482
2$21,335,409$7,852,289$906,755$12,576,365
3$22,402,179$8,246,994$952,093$13,203,093
4$23,522,289$8,661,435$999,697$13,861,157
5$24,698,403$9,096,597$1,049,682$14,552,124
6$25,933,323$9,553,517$1,102,166$15,277,640
7$27,229,990$10,033,284$1,157,275$16,039,431
8$28,591,489$10,537,039$1,215,138$16,839,312
9$30,021,064$11,065,981$1,275,895$17,679,187
10$31,522,117$11,621,371$1,339,690$18,561,056
11$33,098,223$12,204,530$1,406,674$19,487,018
12$34,753,134$12,816,847$1,477,008$20,459,278
13$36,490,790$13,459,780$1,550,859$21,480,152
14$38,315,330$14,134,860$1,628,402$22,552,069
15$40,231,096$14,843,693$1,709,822$23,677,581
16$42,242,652$15,587,969$1,795,313$24,859,370
17$44,354,783$16,369,458$1,885,078$26,100,247
18$46,572,523$17,190,021$1,979,332$27,403,169
19$48,901,149$18,051,613$2,078,299$28,771,237
20$51,346,206$18,956,284$2,182,214$30,207,709
21$53,913,516$19,906,189$2,291,324$31,716,003
22$56,609,192$20,903,589$2,405,891$33,299,713
23$59,439,652$21,950,859$2,526,185$34,962,608
24$62,411,634$23,050,492$2,652,494$36,708,647
25$65,532,216$24,205,108$2,785,119$38,541,989
26$68,808,828$25,417,454$2,924,375$40,466,999
27$72,249,269$26,690,417$3,070,594$42,488,258
28$75,861,731$28,027,028$3,224,124$44,610,579
29$79,654,818$29,430,470$3,385,330$46,839,018
30$83,637,560$30,904,085$3,554,596$49,178,879
Total$1,350,000,003$498,245,633$57,375,000$794,379,370

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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.