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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 $304,000,000 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, Feb 23, 2019
Jackpot:$304,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,575,636$1,098,153$194,465$3,283,019
2$4,804,418$1,153,060$204,188$3,447,170
3$5,044,639$1,210,713$214,397$3,619,528
4$5,296,871$1,271,249$225,117$3,800,505
5$5,561,714$1,334,811$236,373$3,990,530
6$5,839,800$1,401,552$248,192$4,190,057
7$6,131,790$1,471,630$260,601$4,399,560
8$6,438,380$1,545,211$273,631$4,619,538
9$6,760,299$1,622,472$287,313$4,850,514
10$7,098,314$1,703,595$301,678$5,093,040
11$7,453,229$1,788,775$316,762$5,347,692
12$7,825,891$1,878,214$332,600$5,615,077
13$8,217,185$1,972,124$349,230$5,895,830
14$8,628,045$2,070,731$366,692$6,190,622
15$9,059,447$2,174,267$385,026$6,500,153
16$9,512,419$2,282,981$404,278$6,825,161
17$9,988,040$2,397,130$424,492$7,166,419
18$10,487,442$2,516,986$445,716$7,524,740
19$11,011,814$2,642,835$468,002$7,900,977
20$11,562,405$2,774,977$491,402$8,296,026
21$12,140,525$2,913,726$515,972$8,710,827
22$12,747,551$3,059,412$541,771$9,146,368
23$13,384,929$3,212,383$568,859$9,603,687
24$14,054,175$3,373,002$597,302$10,083,871
25$14,756,884$3,541,652$627,168$10,588,064
26$15,494,729$3,718,735$658,526$11,117,468
27$16,269,465$3,904,672$691,452$11,673,341
28$17,082,938$4,099,905$726,025$12,257,008
29$17,937,085$4,304,900$762,326$12,869,858
30$18,833,939$4,520,145$800,442$13,513,352
Total$304,000,001$72,960,000$12,920,000$218,120,000
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