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Powerball Annuity Jackpot Analysis for Michigan (Jan. 5, 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 $69,000,000 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. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$44,138$745,159
2$1,090,476$261,714$46,345$782,417
3$1,145,000$274,800$48,663$821,538
4$1,202,250$288,540$51,096$862,615
5$1,262,363$302,967$53,650$905,745
6$1,325,481$318,115$56,333$951,033
7$1,391,755$334,021$59,150$998,584
8$1,461,343$350,722$62,107$1,048,513
9$1,534,410$368,258$65,212$1,100,939
10$1,611,130$386,671$68,473$1,155,986
11$1,691,687$406,005$71,897$1,213,785
12$1,776,271$426,305$75,492$1,274,475
13$1,865,085$447,620$79,266$1,338,198
14$1,958,339$470,001$83,229$1,405,108
15$2,056,256$493,501$87,391$1,475,364
16$2,159,069$518,177$91,760$1,549,132
17$2,267,022$544,085$96,348$1,626,588
18$2,380,373$571,290$101,166$1,707,918
19$2,499,392$599,854$106,224$1,793,314
20$2,624,362$629,847$111,535$1,882,979
21$2,755,580$661,339$117,112$1,977,128
22$2,893,359$694,406$122,968$2,075,985
23$3,038,027$729,126$129,116$2,179,784
24$3,189,928$765,583$135,572$2,288,773
25$3,349,424$803,862$142,351$2,403,212
26$3,516,896$844,055$149,468$2,523,373
27$3,692,740$886,258$156,941$2,649,541
28$3,877,377$930,571$164,789$2,782,018
29$4,071,246$977,099$173,028$2,921,119
30$4,274,809$1,025,954$181,679$3,067,175
Total$69,000,000$16,560,000$2,932,500$49,507,500
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