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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 $170,000,000 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, Jan 25, 2017
Jackpot:$170,000,000
Federal Tax:  25%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,558,744$639,686$108,747$1,810,311
2$2,686,681$671,670$114,184$1,900,827
3$2,821,015$705,254$119,893$1,995,868
4$2,962,066$740,517$125,888$2,095,662
5$3,110,169$777,542$132,182$2,200,445
6$3,265,678$816,419$138,791$2,310,467
7$3,428,962$857,240$145,731$2,425,990
8$3,600,410$900,102$153,017$2,547,290
9$3,780,430$945,108$160,668$2,674,654
10$3,969,452$992,363$168,702$2,808,387
11$4,167,924$1,041,981$177,137$2,948,806
12$4,376,321$1,094,080$185,994$3,096,247
13$4,595,137$1,148,784$195,293$3,251,059
14$4,824,893$1,206,223$205,058$3,413,612
15$5,066,138$1,266,535$215,311$3,584,293
16$5,319,445$1,329,861$226,076$3,763,507
17$5,585,417$1,396,354$237,380$3,951,683
18$5,864,688$1,466,172$249,249$4,149,267
19$6,157,922$1,539,481$261,712$4,356,730
20$6,465,819$1,616,455$274,797$4,574,567
21$6,789,109$1,697,277$288,537$4,803,295
22$7,128,565$1,782,141$302,964$5,043,460
23$7,484,993$1,871,248$318,112$5,295,633
24$7,859,243$1,964,811$334,018$5,560,414
25$8,252,205$2,063,051$350,719$5,838,435
26$8,664,815$2,166,204$368,255$6,130,357
27$9,098,056$2,274,514$386,667$6,436,875
28$9,552,959$2,388,240$406,001$6,758,718
29$10,030,607$2,507,652$426,301$7,096,654
30$10,532,137$2,633,034$447,616$7,451,487
Total$170,000,000$42,500,000$7,225,000$120,275,000
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