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Powerball Annuity Jackpot Analysis for Michigan (Jan. 16, 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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$71,645$1,209,533
2$1,770,049$424,812$75,227$1,270,010
3$1,858,551$446,052$78,988$1,333,510
4$1,951,479$468,355$82,938$1,400,186
5$2,049,053$491,773$87,085$1,470,195
6$2,151,505$516,361$91,439$1,543,705
7$2,259,081$542,179$96,011$1,620,890
8$2,372,035$569,288$100,811$1,701,935
9$2,490,636$597,753$105,852$1,787,032
10$2,615,168$627,640$111,145$1,876,383
11$2,745,927$659,022$116,702$1,970,202
12$2,883,223$691,974$122,537$2,068,712
13$3,027,384$726,572$128,664$2,172,148
14$3,178,753$762,901$135,097$2,280,756
15$3,337,691$801,046$141,852$2,394,793
16$3,504,576$841,098$148,944$2,514,533
17$3,679,804$883,153$156,392$2,640,260
18$3,863,794$927,311$164,211$2,772,273
19$4,056,984$973,676$172,422$2,910,886
20$4,259,833$1,022,360$181,043$3,056,430
21$4,472,825$1,073,478$190,095$3,209,252
22$4,696,466$1,127,152$199,600$3,369,715
23$4,931,290$1,183,510$209,580$3,538,200
24$5,177,854$1,242,685$220,059$3,715,110
25$5,436,747$1,304,819$231,062$3,900,866
26$5,708,584$1,370,060$242,615$4,095,909
27$5,994,013$1,438,563$254,746$4,300,705
28$6,293,714$1,510,491$267,483$4,515,740
29$6,608,400$1,586,016$280,857$4,741,527
30$6,938,820$1,665,317$294,900$4,978,603
Total$112,000,000$26,880,000$4,760,000$80,360,000
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