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Powerball Annuity Jackpot Analysis for Michigan (Aug. 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$30,065$507,572
2$742,788$178,269$31,569$532,951
3$779,928$187,183$33,147$559,598
4$818,924$196,542$34,804$587,578
5$859,870$206,369$36,544$616,957
6$902,864$216,687$38,372$647,805
7$948,007$227,522$40,290$680,195
8$995,407$238,898$42,305$714,205
9$1,045,178$250,843$44,420$749,915
10$1,097,437$263,385$46,641$787,411
11$1,152,308$276,554$48,973$826,781
12$1,209,924$290,382$51,422$868,120
13$1,270,420$304,901$53,993$911,526
14$1,333,941$320,146$56,692$957,103
15$1,400,638$336,153$59,527$1,004,958
16$1,470,670$352,961$62,503$1,055,206
17$1,544,204$370,609$65,629$1,107,966
18$1,621,414$389,139$68,910$1,163,364
19$1,702,484$408,596$72,356$1,221,533
20$1,787,609$429,026$75,973$1,282,609
21$1,876,989$450,477$79,772$1,346,740
22$1,970,839$473,001$83,761$1,414,077
23$2,069,380$496,651$87,949$1,484,780
24$2,172,849$521,484$92,346$1,559,020
25$2,281,492$547,558$96,963$1,636,970
26$2,395,567$574,936$101,812$1,718,819
27$2,515,345$603,683$106,902$1,804,760
28$2,641,112$633,867$112,247$1,894,998
29$2,773,168$665,560$117,860$1,989,748
30$2,911,826$698,838$123,753$2,089,235
Total$47,000,000$11,280,000$1,997,500$33,722,500
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