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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, Aug 31, 2016
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,317,921$579,480$98,512$1,639,929
2$2,433,817$608,454$103,437$1,721,926
3$2,555,508$638,877$108,609$1,808,022
4$2,683,283$670,821$114,040$1,898,423
5$2,817,447$704,362$119,742$1,993,344
6$2,958,320$739,580$125,729$2,093,011
7$3,106,236$776,559$132,015$2,197,662
8$3,261,548$815,387$138,616$2,307,545
9$3,424,625$856,156$145,547$2,422,922
10$3,595,856$898,964$152,824$2,544,068
11$3,775,649$943,912$160,465$2,671,272
12$3,964,432$991,108$168,488$2,804,835
13$4,162,653$1,040,663$176,913$2,945,077
14$4,370,786$1,092,696$185,758$3,092,331
15$4,589,325$1,147,331$195,046$3,246,947
16$4,818,791$1,204,698$204,799$3,409,295
17$5,059,731$1,264,933$215,039$3,579,760
18$5,312,717$1,328,179$225,790$3,758,748
19$5,578,353$1,394,588$237,080$3,946,685
20$5,857,271$1,464,318$248,934$4,144,019
21$6,150,134$1,537,534$261,381$4,351,220
22$6,457,641$1,614,410$274,450$4,568,781
23$6,780,523$1,695,131$288,172$4,797,220
24$7,119,549$1,779,887$302,581$5,037,081
25$7,475,527$1,868,882$317,710$5,288,935
26$7,849,303$1,962,326$333,595$5,553,382
27$8,241,768$2,060,442$350,275$5,831,051
28$8,653,857$2,163,464$367,789$6,122,604
29$9,086,550$2,271,637$386,178$6,428,734
30$9,540,877$2,385,219$405,487$6,750,171
Total$154,000,000$38,500,000$6,545,000$108,955,000
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