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Powerball Annuity Jackpot Analysis for Michigan (Oct. 27, 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 $687,800,000 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. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$439,976$7,427,830
2$10,869,996$2,608,799$461,975$7,799,222
3$11,413,496$2,739,239$485,074$8,189,183
4$11,984,171$2,876,201$509,327$8,598,643
5$12,583,379$3,020,011$534,794$9,028,574
6$13,212,548$3,171,011$561,533$9,480,003
7$13,873,176$3,329,562$589,610$9,954,004
8$14,566,834$3,496,040$619,090$10,451,704
9$15,295,176$3,670,842$650,045$10,974,289
10$16,059,935$3,854,384$682,547$11,523,003
11$16,862,932$4,047,104$716,675$12,099,153
12$17,706,078$4,249,459$752,508$12,704,111
13$18,591,382$4,461,932$790,134$13,339,316
14$19,520,951$4,685,028$829,640$14,006,282
15$20,496,998$4,919,280$871,122$14,706,596
16$21,521,849$5,165,244$914,679$15,441,926
17$22,597,941$5,423,506$960,412$16,214,022
18$23,727,838$5,694,681$1,008,433$17,024,724
19$24,914,230$5,979,415$1,058,855$17,875,960
20$26,159,941$6,278,386$1,111,798$18,769,758
21$27,467,938$6,592,305$1,167,387$19,708,246
22$28,841,335$6,921,920$1,225,757$20,693,658
23$30,283,402$7,268,016$1,287,045$21,728,341
24$31,797,572$7,631,417$1,351,397$22,814,758
25$33,387,450$8,012,988$1,418,967$23,955,496
26$35,056,823$8,413,638$1,489,915$25,153,271
27$36,809,665$8,834,319$1,564,411$26,410,934
28$38,650,147$9,276,035$1,642,631$27,731,481
29$40,582,655$9,739,837$1,724,763$29,118,055
30$42,611,788$10,226,829$1,811,001$30,573,958
Total$687,800,001$165,072,000$29,231,500$493,496,501
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