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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 $60,000,000 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, Sep 28, 2016
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$225,772$38,381$638,933
2$948,240$237,060$40,300$670,880
3$995,652$248,913$42,315$704,424
4$1,045,435$261,359$44,431$739,645
5$1,097,707$274,427$46,653$776,628
6$1,152,592$288,148$48,985$815,459
7$1,210,222$302,555$51,434$856,232
8$1,270,733$317,683$54,006$899,043
9$1,334,270$333,567$56,706$943,996
10$1,400,983$350,246$59,542$991,195
11$1,471,032$367,758$62,519$1,040,755
12$1,544,584$386,146$65,645$1,092,793
13$1,621,813$405,453$68,927$1,147,433
14$1,702,904$425,726$72,373$1,204,804
15$1,788,049$447,012$75,992$1,265,044
16$1,877,451$469,363$79,792$1,328,297
17$1,971,324$492,831$83,781$1,394,712
18$2,069,890$517,472$87,970$1,464,447
19$2,173,384$543,346$92,369$1,537,669
20$2,282,054$570,513$96,987$1,614,553
21$2,396,156$599,039$101,837$1,695,281
22$2,515,964$628,991$106,928$1,780,045
23$2,641,762$660,441$112,275$1,869,047
24$2,773,850$693,463$117,889$1,962,499
25$2,912,543$728,136$123,783$2,060,624
26$3,058,170$764,543$129,972$2,163,655
27$3,211,079$802,770$136,471$2,271,838
28$3,371,633$842,908$143,294$2,385,430
29$3,540,214$885,054$150,459$2,504,702
30$3,717,225$929,306$157,982$2,629,937
Total$60,000,000$15,000,000$2,550,000$42,450,000
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