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Powerball Annuity Jackpot Analysis for Michigan (Nov. 3, 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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$33,903$572,368
2$837,612$201,027$35,599$600,987
3$879,493$211,078$37,378$631,036
4$923,468$221,632$39,247$662,588
5$969,641$232,714$41,210$695,717
6$1,018,123$244,350$43,270$730,503
7$1,069,029$256,567$45,434$767,028
8$1,122,481$269,395$47,705$805,380
9$1,178,605$282,865$50,091$845,649
10$1,237,535$297,008$52,595$887,931
11$1,299,412$311,859$55,225$932,328
12$1,364,382$327,452$57,986$978,944
13$1,432,601$343,824$60,886$1,027,892
14$1,504,231$361,016$63,930$1,079,286
15$1,579,443$379,066$67,126$1,133,250
16$1,658,415$398,020$70,483$1,189,913
17$1,741,336$417,921$74,007$1,249,409
18$1,828,403$438,817$77,707$1,311,879
19$1,919,823$460,757$81,592$1,377,473
20$2,015,814$483,795$85,672$1,446,347
21$2,116,605$507,985$89,956$1,518,664
22$2,222,435$533,384$94,453$1,594,597
23$2,333,557$560,054$99,176$1,674,327
24$2,450,235$588,056$104,135$1,758,043
25$2,572,746$617,459$109,342$1,845,945
26$2,701,384$648,332$114,809$1,938,243
27$2,836,453$680,749$120,549$2,035,155
28$2,978,275$714,786$126,577$2,136,913
29$3,127,189$750,525$132,906$2,243,758
30$3,283,549$788,052$139,551$2,355,946
Total$53,000,000$12,720,000$2,252,500$38,027,500
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