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Powerball Annuity Jackpot Analysis for Michigan

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $154,000,000 would be for a resident of 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Michigan

Drawing Date:  Wed, May 27, 2015
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:4.35%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,745,835$686,459$119,444$1,939,933
2$2,855,669$713,917$124,222$2,017,530
3$2,969,895$742,474$129,190$2,098,231
4$3,088,691$772,173$134,358$2,182,160
5$3,212,239$803,060$139,732$2,269,447
6$3,340,728$835,182$145,322$2,360,225
7$3,474,358$868,589$151,135$2,454,634
8$3,613,332$903,333$157,180$2,552,819
9$3,757,865$939,466$163,467$2,654,932
10$3,908,180$977,045$170,006$2,761,129
11$4,064,507$1,016,127$176,806$2,871,574
12$4,227,087$1,056,772$183,878$2,986,437
13$4,396,171$1,099,043$191,233$3,105,895
14$4,572,018$1,143,004$198,883$3,230,130
15$4,754,898$1,188,725$206,838$3,359,336
16$4,945,094$1,236,274$215,112$3,493,709
17$5,142,898$1,285,724$223,716$3,633,457
18$5,348,614$1,337,153$232,665$3,778,796
19$5,562,558$1,390,640$241,971$3,929,948
20$5,785,061$1,446,265$251,650$4,087,145
21$6,016,463$1,504,116$261,716$4,250,631
22$6,257,122$1,564,280$272,185$4,420,657
23$6,507,407$1,626,852$283,072$4,597,483
24$6,767,703$1,691,926$294,395$4,781,382
25$7,038,411$1,759,603$306,171$4,972,637
26$7,319,947$1,829,987$318,418$5,171,543
27$7,612,745$1,903,186$331,154$5,378,405
28$7,917,255$1,979,314$344,401$5,593,541
29$8,233,945$2,058,486$358,177$5,817,282
30$8,563,303$2,140,826$372,504$6,049,974
Total$154,000,000$38,500,000$6,699,000$108,801,000
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