USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Sep 11, 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 $87,000,000 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, Sep 11, 2002
Jackpot:$87,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,551,219$532,139$65,927$953,153
2$1,613,267$555,097$68,564$989,607
3$1,677,798$578,973$71,306$1,027,519
4$1,744,910$603,804$74,159$1,066,947
5$1,814,706$629,629$77,125$1,107,952
6$1,887,295$656,487$80,210$1,150,598
7$1,962,786$684,419$83,418$1,194,949
8$2,041,298$713,468$86,755$1,241,075
9$2,122,950$743,679$90,225$1,289,045
10$2,207,868$775,099$93,834$1,338,935
11$2,296,183$807,775$97,588$1,390,819
12$2,388,030$841,759$101,491$1,444,780
13$2,483,551$877,102$105,551$1,500,898
14$2,582,893$913,858$109,773$1,559,262
15$2,686,209$952,085$114,164$1,619,960
16$2,793,657$991,841$118,730$1,683,086
17$2,905,403$1,033,187$123,480$1,748,737
18$3,021,620$1,076,187$128,419$1,817,014
19$3,142,484$1,120,907$133,556$1,888,022
20$3,268,184$1,167,416$138,898$1,961,870
21$3,398,911$1,215,785$144,454$2,038,672
22$3,534,867$1,266,089$150,232$2,118,547
23$3,676,262$1,318,405$156,241$2,201,616
24$3,823,313$1,372,813$162,491$2,288,008
25$3,976,245$1,429,398$168,990$2,377,856
26$4,135,295$1,488,247$175,750$2,471,298
27$4,300,707$1,549,449$182,780$2,568,477
28$4,472,735$1,613,100$190,091$2,669,544
29$4,651,644$1,679,296$197,695$2,774,653
30$4,837,710$1,748,141$205,603$2,883,967
Total$87,000,000$30,935,634$3,697,500$52,366,866

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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.