USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Jun 1, 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 $21,300,000 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:Sat, Jun 1, 2002
Jackpot:$21,300,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$379,781$103,298$16,141$260,342
2$394,972$108,615$16,786$269,571
3$410,771$114,145$17,458$279,169
4$427,202$119,895$18,156$289,151
5$444,290$125,876$18,882$299,532
6$462,062$132,096$19,638$310,328
7$480,544$138,565$20,423$321,556
8$499,766$145,293$21,240$333,233
9$519,757$152,290$22,090$345,377
10$540,547$159,566$22,973$358,008
11$562,169$167,134$23,892$371,143
12$584,656$175,004$24,848$384,804
13$608,042$183,189$25,842$399,011
14$632,363$192,162$26,875$413,326
15$657,658$201,521$27,950$428,186
16$683,964$211,255$29,068$443,641
17$711,323$221,377$30,231$459,714
18$739,776$231,905$31,440$476,431
19$769,367$242,853$32,698$493,815
20$800,142$254,240$34,006$511,895
21$832,147$266,082$35,366$530,699
22$865,433$278,398$36,781$550,254
23$900,050$291,206$38,252$570,592
24$936,052$304,527$39,782$591,743
25$973,495$318,381$41,374$613,740
26$1,012,434$332,788$43,028$636,617
27$1,052,932$347,772$44,750$660,410
28$1,095,049$363,356$46,540$685,153
29$1,138,851$379,563$48,401$710,887
30$1,184,405$396,418$50,337$737,650
Total$21,300,000$6,658,770$905,248$13,735,978

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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.