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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 $108,000,000 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, Jun 22, 2019
Jackpot:$108,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,625,555$390,133$69,086$1,166,336
2$1,706,833$409,640$72,540$1,224,653
3$1,792,174$430,122$76,167$1,285,885
4$1,881,783$451,628$79,976$1,350,179
5$1,975,872$474,209$83,975$1,417,688
6$2,074,666$497,920$88,173$1,488,573
7$2,178,399$522,816$92,582$1,563,001
8$2,287,319$548,957$97,211$1,641,151
9$2,401,685$576,404$102,072$1,723,209
10$2,521,769$605,225$107,175$1,809,369
11$2,647,858$635,486$112,534$1,899,838
12$2,780,251$667,260$118,161$1,994,830
13$2,919,263$700,623$124,069$2,094,571
14$3,065,226$735,654$130,272$2,199,300
15$3,218,488$772,437$136,786$2,309,265
16$3,379,412$811,059$143,625$2,424,728
17$3,548,383$851,612$150,806$2,545,965
18$3,725,802$894,192$158,347$2,673,263
19$3,912,092$938,902$166,264$2,806,926
20$4,107,697$985,847$174,577$2,947,272
21$4,313,081$1,035,140$183,306$3,094,636
22$4,528,735$1,086,896$192,471$3,249,368
23$4,755,172$1,141,241$202,095$3,411,836
24$4,992,931$1,198,303$212,200$3,582,428
25$5,242,577$1,258,219$222,810$3,761,549
26$5,504,706$1,321,129$233,950$3,949,627
27$5,779,942$1,387,186$245,648$4,147,108
28$6,068,939$1,456,545$257,930$4,354,463
29$6,372,385$1,529,373$270,826$4,572,187
30$6,691,005$1,605,841$284,368$4,800,796
Total$108,000,000$25,920,000$4,590,000$77,490,000
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