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Powerball Annuity Jackpot Analysis for Michigan (Jul. 18, 2020 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$62,050$1,047,542
2$1,532,989$367,917$65,152$1,099,919
3$1,609,638$386,313$68,410$1,154,915
4$1,690,120$405,629$71,830$1,212,661
5$1,774,626$425,910$75,422$1,273,294
6$1,863,357$447,206$79,193$1,336,959
7$1,956,525$469,566$83,152$1,403,807
8$2,054,351$493,044$87,310$1,473,997
9$2,157,069$517,697$91,675$1,547,697
10$2,264,922$543,581$96,259$1,625,082
11$2,378,169$570,760$101,072$1,706,336
12$2,497,077$599,298$106,126$1,791,653
13$2,621,931$629,263$111,432$1,881,235
14$2,753,027$660,727$117,004$1,975,297
15$2,890,679$693,763$122,854$2,074,062
16$3,035,213$728,451$128,997$2,177,765
17$3,186,973$764,874$135,446$2,286,653
18$3,346,322$803,117$142,219$2,400,986
19$3,513,638$843,273$149,330$2,521,035
20$3,689,320$885,437$156,796$2,647,087
21$3,873,786$929,709$164,636$2,779,441
22$4,067,475$976,194$172,868$2,918,414
23$4,270,849$1,025,004$181,511$3,064,334
24$4,484,391$1,076,254$190,587$3,217,551
25$4,708,611$1,130,067$200,116$3,378,428
26$4,944,042$1,186,570$210,122$3,547,350
27$5,191,244$1,245,899$220,628$3,724,717
28$5,450,806$1,308,193$231,659$3,910,953
29$5,723,346$1,373,603$243,242$4,106,501
30$6,009,514$1,442,283$255,404$4,311,826
Total$97,000,000$23,280,000$4,122,500$69,597,500
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