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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 $314,000,000 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, Apr 30, 2016
Jackpot:$314,000,000
Federal Tax:  25%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,726,151$1,181,538$200,861$3,343,752
2$4,962,458$1,240,615$210,904$3,510,939
3$5,210,581$1,302,645$221,450$3,686,486
4$5,471,110$1,367,778$232,522$3,870,811
5$5,744,665$1,436,166$244,148$4,064,351
6$6,031,899$1,507,975$256,356$4,267,568
7$6,333,494$1,583,373$269,173$4,480,947
8$6,650,169$1,662,542$282,632$4,704,994
9$6,982,677$1,745,669$296,764$4,940,244
10$7,331,811$1,832,953$311,602$5,187,256
11$7,698,401$1,924,600$327,182$5,446,619
12$8,083,321$2,020,830$343,541$5,718,950
13$8,487,488$2,121,872$360,718$6,004,897
14$8,911,862$2,227,965$378,754$6,305,142
15$9,357,455$2,339,364$397,692$6,620,399
16$9,825,328$2,456,332$417,576$6,951,419
17$10,316,594$2,579,149$438,455$7,298,990
18$10,832,424$2,708,106$460,378$7,663,940
19$11,374,045$2,843,511$483,397$8,047,137
20$11,942,747$2,985,687$507,567$8,449,494
21$12,539,885$3,134,971$532,945$8,871,968
22$13,166,879$3,291,720$559,592$9,315,567
23$13,825,223$3,456,306$587,572$9,781,345
24$14,516,484$3,629,121$616,951$10,270,412
25$15,242,308$3,810,577$647,798$10,783,933
26$16,004,424$4,001,106$680,188$11,323,130
27$16,804,645$4,201,161$714,197$11,889,286
28$17,644,877$4,411,219$749,907$12,483,750
29$18,527,121$4,631,780$787,403$13,107,938
30$19,453,477$4,863,369$826,773$13,763,335
Total$314,000,001$78,500,000$13,345,000$222,155,000
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