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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 $20,000,000 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:  Sat, Aug 15, 2020
Jackpot:$20,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$72,247$12,794$215,988
2$316,080$75,859$13,433$226,788
3$331,884$79,652$14,105$238,127
4$348,478$83,635$14,810$250,033
5$365,902$87,817$15,551$262,535
6$384,197$92,207$16,328$275,662
7$403,407$96,818$17,145$289,445
8$423,578$101,659$18,002$303,917
9$444,757$106,742$18,902$319,113
10$466,994$112,079$19,847$335,068
11$490,344$117,683$20,840$351,822
12$514,861$123,567$21,882$369,413
13$540,604$129,745$22,976$387,884
14$567,635$136,232$24,124$407,278
15$596,016$143,044$25,331$427,642
16$625,817$150,196$26,597$449,024
17$657,108$157,706$27,927$471,475
18$689,963$165,591$29,323$495,049
19$724,461$173,871$30,790$519,801
20$760,685$182,564$32,329$545,791
21$798,719$191,693$33,946$573,081
22$838,655$201,277$35,643$601,735
23$880,587$211,341$37,425$631,821
24$924,617$221,908$39,296$663,413
25$970,848$233,003$41,261$696,583
26$1,019,390$244,654$43,324$731,412
27$1,070,360$256,886$45,490$767,983
28$1,123,878$269,731$47,765$806,382
29$1,180,071$283,217$50,153$846,701
30$1,239,075$297,378$52,661$889,036
Total$20,000,000$4,800,000$850,000$14,350,000
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