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Powerball Annuity Jackpot Analysis for Michigan (Apr. 3, 2019 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 $54,000,000 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:  Apr. 3, 2019
Jackpot:$54,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$195,067$34,543$583,168
2$853,416$204,820$36,270$612,326
3$896,087$215,061$38,084$642,943
4$940,892$225,814$39,988$675,090
5$987,936$237,105$41,987$708,844
6$1,037,333$248,960$44,087$744,286
7$1,089,200$261,408$46,291$781,501
8$1,143,660$274,478$48,606$820,576
9$1,200,843$288,202$51,036$861,605
10$1,260,885$302,612$53,588$904,685
11$1,323,929$317,743$56,267$949,919
12$1,390,125$333,630$59,080$997,415
13$1,459,632$350,312$62,034$1,047,286
14$1,532,613$367,827$65,136$1,099,650
15$1,609,244$386,219$68,393$1,154,632
16$1,689,706$405,529$71,813$1,212,364
17$1,774,191$425,806$75,403$1,272,982
18$1,862,901$447,096$79,173$1,336,631
19$1,956,046$469,451$83,132$1,403,463
20$2,053,848$492,924$87,289$1,473,636
21$2,156,541$517,570$91,653$1,547,318
22$2,264,368$543,448$96,236$1,624,684
23$2,377,586$570,621$101,047$1,705,918
24$2,496,465$599,152$106,100$1,791,214
25$2,621,289$629,109$111,405$1,880,775
26$2,752,353$660,565$116,975$1,974,813
27$2,889,971$693,593$122,824$2,073,554
28$3,034,469$728,273$128,965$2,177,232
29$3,186,193$764,686$135,413$2,286,093
30$3,345,502$802,921$142,184$2,400,398
Total$54,000,000$12,960,000$2,295,000$38,745,000
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