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Powerball Annuity Jackpot Analysis for Michigan (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$157,363$2,656,654
2$3,887,786$933,069$165,231$2,789,486
3$4,082,175$979,722$173,492$2,928,961
4$4,286,284$1,028,708$182,167$3,075,409
5$4,500,598$1,080,143$191,275$3,229,179
6$4,725,628$1,134,151$200,839$3,390,638
7$4,961,909$1,190,858$210,881$3,560,170
8$5,210,005$1,250,401$221,425$3,738,178
9$5,470,505$1,312,921$232,496$3,925,087
10$5,744,030$1,378,567$244,121$4,121,342
11$6,031,232$1,447,496$256,327$4,327,409
12$6,332,793$1,519,870$269,144$4,543,779
13$6,649,433$1,595,864$282,601$4,770,968
14$6,981,905$1,675,657$296,731$5,009,517
15$7,331,000$1,759,440$311,567$5,259,992
16$7,697,550$1,847,412$327,146$5,522,992
17$8,082,427$1,939,783$343,503$5,799,141
18$8,486,549$2,036,772$360,678$6,089,099
19$8,910,876$2,138,610$378,712$6,393,553
20$9,356,420$2,245,541$397,648$6,713,231
21$9,824,241$2,357,818$417,530$7,048,893
22$10,315,453$2,475,709$438,407$7,401,337
23$10,831,226$2,599,494$460,327$7,771,404
24$11,372,787$2,729,469$483,343$8,159,974
25$11,941,426$2,865,942$507,511$8,567,973
26$12,538,497$3,009,239$532,886$8,996,372
27$13,165,422$3,159,701$559,530$9,446,191
28$13,823,693$3,317,686$587,507$9,918,500
29$14,514,878$3,483,571$616,882$10,414,425
30$15,240,622$3,657,749$647,726$10,935,146
Total$246,000,000$59,040,000$10,455,000$176,505,000
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