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Powerball Annuity Jackpot Analysis for Michigan (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$61,410$1,036,743
2$1,517,185$364,124$64,480$1,088,580
3$1,593,044$382,331$67,704$1,143,009
4$1,672,696$401,447$71,090$1,200,159
5$1,756,331$421,519$74,644$1,260,167
6$1,844,147$442,595$78,376$1,323,176
7$1,936,355$464,725$82,295$1,389,335
8$2,033,173$487,961$86,410$1,458,801
9$2,134,831$512,359$90,730$1,531,741
10$2,241,573$537,977$95,267$1,608,328
11$2,353,651$564,876$100,030$1,688,745
12$2,471,334$593,120$105,032$1,773,182
13$2,594,901$622,776$110,283$1,861,841
14$2,724,646$653,915$115,797$1,954,933
15$2,860,878$686,611$121,587$2,052,680
16$3,003,922$720,941$127,667$2,155,314
17$3,154,118$756,988$134,050$2,263,080
18$3,311,824$794,838$140,753$2,376,234
19$3,477,415$834,580$147,790$2,495,045
20$3,651,286$876,309$155,180$2,619,798
21$3,833,850$920,124$162,939$2,750,787
22$4,025,543$966,130$171,086$2,888,327
23$4,226,820$1,014,437$179,640$3,032,743
24$4,438,161$1,065,159$188,622$3,184,380
25$4,660,069$1,118,416$198,053$3,343,599
26$4,893,072$1,174,337$207,956$3,510,779
27$5,137,726$1,233,054$218,353$3,686,318
28$5,394,612$1,294,707$229,271$3,870,634
29$5,664,343$1,359,442$240,735$4,064,166
30$5,947,560$1,427,414$252,771$4,267,374
Total$96,000,000$23,040,000$4,080,000$68,880,000
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