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Powerball Annuity Jackpot Analysis for Michigan (Oct. 24, 2018 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 $602,500,000 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:  Oct. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$385,411$6,506,641
2$9,521,914$2,285,259$404,681$6,831,973
3$9,998,010$2,399,522$424,915$7,173,572
4$10,497,911$2,519,499$446,161$7,532,251
5$11,022,806$2,645,473$468,469$7,908,863
6$11,573,946$2,777,747$491,893$8,304,306
7$12,152,644$2,916,634$516,487$8,719,522
8$12,760,276$3,062,466$542,312$9,155,498
9$13,398,290$3,215,589$569,427$9,613,273
10$14,068,204$3,376,369$597,899$10,093,936
11$14,771,614$3,545,187$627,794$10,598,633
12$15,510,195$3,722,447$659,183$11,128,565
13$16,285,705$3,908,569$692,142$11,684,993
14$17,099,990$4,103,998$726,750$12,269,243
15$17,954,989$4,309,197$763,087$12,882,705
16$18,852,739$4,524,657$801,241$13,526,840
17$19,795,375$4,750,890$841,303$14,203,182
18$20,785,144$4,988,435$883,369$14,913,341
19$21,824,401$5,237,856$927,537$15,659,008
20$22,915,622$5,499,749$973,914$16,441,959
21$24,061,403$5,774,737$1,022,610$17,264,056
22$25,264,473$6,063,473$1,073,740$18,127,259
23$26,527,697$6,366,647$1,127,427$19,033,622
24$27,854,081$6,684,979$1,183,798$19,985,303
25$29,246,785$7,019,228$1,242,988$20,984,568
26$30,709,125$7,370,190$1,305,138$22,033,797
27$32,244,581$7,738,699$1,370,395$23,135,487
28$33,856,810$8,125,634$1,438,914$24,292,261
29$35,549,650$8,531,916$1,510,860$25,506,874
30$37,327,133$8,958,512$1,586,403$26,782,218
Total$602,500,001$144,600,000$25,606,250$432,293,751
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