USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Feb 20, 2002

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $32,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Michigan

Drawing Date:Wed, Feb 20, 2002
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$570,563$170,072$24,249$376,242
2$593,386$178,060$25,219$390,107
3$617,121$186,523$26,228$404,371
4$641,806$195,656$27,277$418,873
5$667,478$205,155$28,368$433,956
6$694,177$215,033$29,503$449,641
7$721,944$225,307$30,683$465,955
8$750,822$235,992$31,910$482,920
9$780,855$247,104$33,186$500,565
10$812,089$258,661$34,514$518,915
11$844,573$270,680$35,894$537,999
12$878,356$283,179$37,330$557,846
13$913,490$296,179$38,823$578,488
14$950,030$309,699$40,376$599,955
15$988,031$323,759$41,991$622,280
16$1,027,552$338,382$43,671$645,499
17$1,068,654$353,590$45,418$669,647
18$1,111,400$369,406$47,235$694,760
19$1,155,856$385,855$49,124$720,878
20$1,202,091$402,961$51,089$748,040
21$1,250,174$420,752$53,132$776,290
22$1,300,181$439,255$55,258$805,669
23$1,352,188$458,497$57,468$836,223
24$1,406,276$478,510$59,767$867,999
25$1,462,527$499,323$62,157$901,047
26$1,521,028$520,968$64,644$935,416
27$1,581,869$543,479$67,229$971,160
28$1,645,144$566,891$69,919$1,008,334
29$1,710,950$591,239$72,715$1,046,995
30$1,779,388$616,561$75,624$1,087,203
Total$32,000,000$10,586,728$1,360,001$20,053,273

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.