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Powerball Annuity Jackpot Analysis for Michigan (Feb. 5, 2014 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 $219,600,000 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.)