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Michigan Mega Millions Jackpot Annuity Payout Schedule for Sep 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 $162,000,000 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, Sep 15, 2023
Jackpot:$162,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,438,332$860,371$103,629$1,474,333
2$2,560,249$905,480$108,811$1,545,959
3$2,688,262$952,845$114,251$1,621,166
4$2,822,675$1,002,577$119,964$1,700,134
5$2,963,808$1,054,797$125,962$1,783,050
6$3,111,999$1,109,627$132,260$1,870,112
7$3,267,599$1,167,199$138,873$1,961,527
8$3,430,979$1,227,650$145,817$2,057,512
9$3,602,528$1,291,123$153,107$2,158,297
10$3,782,654$1,357,770$160,763$2,264,121
11$3,971,787$1,427,749$168,801$2,375,237
12$4,170,376$1,501,227$177,241$2,491,908
13$4,378,895$1,578,379$186,103$2,614,413
14$4,597,840$1,659,388$195,408$2,743,043
15$4,827,732$1,744,448$205,179$2,878,105
16$5,069,118$1,833,761$215,438$3,019,919
17$5,322,574$1,927,540$226,209$3,168,824
18$5,588,703$2,026,008$237,520$3,325,175
19$5,868,138$2,129,399$249,396$3,489,343
20$6,161,545$2,237,959$261,866$3,661,720
21$6,469,622$2,351,948$274,959$3,842,715
22$6,793,103$2,471,636$288,707$4,032,760
23$7,132,758$2,597,308$303,142$4,232,308
24$7,489,396$2,729,264$318,299$4,441,832
25$7,863,866$2,867,818$334,214$4,661,833
26$8,257,059$3,013,300$350,925$4,892,835
27$8,669,912$3,166,055$368,471$5,135,386
28$9,103,408$3,326,449$386,895$5,390,064
29$9,558,578$3,494,862$406,240$5,657,477
30$10,036,507$3,671,695$426,552$5,938,260
Total$162,000,000$58,685,632$6,885,002$96,429,368

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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.