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Michigan Mega Millions Jackpot Annuity Payout Schedule for Sep 6, 2024

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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 $740,000,000 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 6, 2024
Jackpot:$740,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$11,138,062$4,079,271$473,368$6,585,424
2$11,694,965$4,285,325$497,036$6,912,604
3$12,279,713$4,501,682$521,888$7,256,144
4$12,893,699$4,728,856$547,982$7,616,861
5$13,538,384$4,967,390$575,381$7,995,613
6$14,215,303$5,217,850$604,150$8,393,303
7$14,926,069$5,480,833$634,358$8,810,878
8$15,672,372$5,756,965$666,076$9,249,331
9$16,455,991$6,046,904$699,380$9,709,707
10$17,278,790$6,351,340$734,349$10,193,101
11$18,142,729$6,670,998$771,066$10,700,666
12$19,049,866$7,006,638$809,619$11,233,608
13$20,002,359$7,359,061$850,100$11,793,198
14$21,002,477$7,729,104$892,605$12,380,768
15$22,052,601$8,117,650$937,236$12,997,715
16$23,155,231$8,525,623$984,097$13,645,511
17$24,312,992$8,953,995$1,033,302$14,325,695
18$25,528,642$9,403,785$1,084,967$15,039,889
19$26,805,074$9,876,065$1,139,216$15,789,793
20$28,145,328$10,371,959$1,196,176$16,577,192
21$29,552,594$10,892,648$1,255,985$17,403,961
22$31,030,224$11,439,371$1,318,785$18,272,069
23$32,581,735$12,013,430$1,384,724$19,183,582
24$34,210,822$12,616,192$1,453,960$20,140,670
25$35,921,363$13,249,092$1,526,658$21,145,613
26$37,717,431$13,913,637$1,602,991$22,200,803
27$39,603,303$14,611,410$1,683,140$23,308,753
28$41,583,468$15,344,071$1,767,297$24,472,099
29$43,662,641$16,113,365$1,855,662$25,693,614
30$45,845,774$16,921,124$1,948,445$26,976,204
Total$740,000,001$272,545,634$31,449,999$436,004,369

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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.