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Powerball Annuity Jackpot Analysis for Michigan (Jul. 29, 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 $126,000,000 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. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$80,600$1,360,725
2$1,991,305$477,913$84,630$1,428,761
3$2,090,870$501,809$88,862$1,500,199
4$2,195,414$526,899$93,305$1,575,209
5$2,305,184$553,244$97,970$1,653,970
6$2,420,443$580,906$102,869$1,736,668
7$2,541,466$609,952$108,012$1,823,502
8$2,668,539$640,449$113,413$1,914,677
9$2,801,966$672,472$119,084$2,010,411
10$2,942,064$706,095$125,038$2,110,931
11$3,089,167$741,400$131,290$2,216,478
12$3,243,626$778,470$137,854$2,327,302
13$3,405,807$817,394$144,747$2,443,667
14$3,576,097$858,263$151,984$2,565,850
15$3,754,902$901,177$159,583$2,694,142
16$3,942,647$946,235$167,563$2,828,850
17$4,139,780$993,547$175,941$2,970,292
18$4,346,769$1,043,225$184,738$3,118,807
19$4,564,107$1,095,386$193,975$3,274,747
20$4,792,313$1,150,155$203,673$3,438,484
21$5,031,928$1,207,663$213,857$3,610,408
22$5,283,525$1,268,046$224,550$3,790,929
23$5,547,701$1,331,448$235,777$3,980,475
24$5,825,086$1,398,021$247,566$4,179,499
25$6,116,340$1,467,922$259,944$4,388,474
26$6,422,157$1,541,318$272,942$4,607,898
27$6,743,265$1,618,384$286,589$4,838,293
28$7,080,428$1,699,303$300,918$5,080,207
29$7,434,450$1,784,268$315,964$5,334,218
30$7,806,172$1,873,481$331,762$5,600,929
Total$126,000,000$30,240,000$5,355,000$90,405,000
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