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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 $54,000,000 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, Dec 3, 2016
Jackpot:$54,000,000
Federal Tax:  25%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$203,194$34,543$575,040
2$853,416$213,354$36,270$603,792
3$896,087$224,022$38,084$633,982
4$940,892$235,223$39,988$665,681
5$987,936$246,984$41,987$698,965
6$1,037,333$259,333$44,087$733,913
7$1,089,200$272,300$46,291$770,609
8$1,143,660$285,915$48,606$809,139
9$1,200,843$300,211$51,036$849,596
10$1,260,885$315,221$53,588$892,076
11$1,323,929$330,982$56,267$936,680
12$1,390,125$347,531$59,080$983,514
13$1,459,632$364,908$62,034$1,032,689
14$1,532,613$383,153$65,136$1,084,324
15$1,609,244$402,311$68,393$1,138,540
16$1,689,706$422,427$71,813$1,195,467
17$1,774,191$443,548$75,403$1,255,240
18$1,862,901$465,725$79,173$1,318,002
19$1,956,046$489,011$83,132$1,383,903
20$2,053,848$513,462$87,289$1,453,098
21$2,156,541$539,135$91,653$1,525,753
22$2,264,368$566,092$96,236$1,602,040
23$2,377,586$594,397$101,047$1,682,142
24$2,496,465$624,116$106,100$1,766,249
25$2,621,289$655,322$111,405$1,854,562
26$2,752,353$688,088$116,975$1,947,290
27$2,889,971$722,493$122,824$2,044,654
28$3,034,469$758,617$128,965$2,146,887
29$3,186,193$796,548$135,413$2,254,231
30$3,345,502$836,376$142,184$2,366,943
Total$54,000,000$13,500,000$2,295,000$38,205,000
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