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Powerball Annuity Jackpot Analysis for Michigan (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$45,418$766,758
2$1,122,084$269,300$47,689$805,096
3$1,178,189$282,765$50,073$845,350
4$1,237,098$296,904$52,577$887,618
5$1,298,953$311,749$55,206$931,999
6$1,363,901$327,336$57,966$978,599
7$1,432,096$343,703$60,864$1,027,529
8$1,503,701$360,888$63,907$1,078,905
9$1,578,886$378,933$67,103$1,132,850
10$1,657,830$397,879$70,458$1,189,493
11$1,740,721$417,773$73,981$1,248,968
12$1,827,757$438,662$77,680$1,311,416
13$1,919,145$460,595$81,564$1,376,987
14$2,015,103$483,625$85,642$1,445,836
15$2,115,858$507,806$89,924$1,518,128
16$2,221,651$533,196$94,420$1,594,034
17$2,332,733$559,856$99,141$1,673,736
18$2,449,370$587,849$104,098$1,757,423
19$2,571,838$617,241$109,303$1,845,294
20$2,700,430$648,103$114,768$1,937,559
21$2,835,452$680,508$120,507$2,034,437
22$2,977,224$714,534$126,532$2,136,158
23$3,126,085$750,260$132,859$2,242,966
24$3,282,390$787,774$139,502$2,355,115
25$3,446,509$827,162$146,477$2,472,870
26$3,618,835$868,520$153,800$2,596,514
27$3,799,776$911,946$161,490$2,726,340
28$3,989,765$957,544$169,565$2,862,656
29$4,189,253$1,005,421$178,043$3,005,789
30$4,398,716$1,055,692$186,945$3,156,079
Total$71,000,000$17,040,000$3,017,500$50,942,500
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