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Michigan Powerball Jackpot Annuity Payout Schedule for May 14, 2005

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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 $112,000,000 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:Sat, May 14, 2005
Jackpot:$112,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,996,971$697,067$84,871$1,215,033
2$2,076,850$726,622$88,266$1,261,962
3$2,159,924$757,360$91,797$1,310,768
4$2,246,321$789,326$95,469$1,361,526
5$2,336,174$822,572$99,287$1,414,314
6$2,429,621$857,147$103,259$1,469,214
7$2,526,806$893,106$107,389$1,526,310
8$2,627,878$930,503$111,685$1,585,690
9$2,732,993$969,395$116,152$1,647,446
10$2,842,313$1,009,843$120,798$1,711,671
11$2,956,005$1,051,910$125,630$1,778,465
12$3,074,245$1,095,658$130,655$1,847,931
13$3,197,215$1,141,157$135,882$1,920,176
14$3,325,104$1,188,476$141,317$1,995,311
15$3,458,108$1,237,688$146,970$2,073,451
16$3,596,432$1,288,868$152,848$2,154,716
17$3,740,289$1,342,095$158,962$2,239,232
18$3,889,901$1,397,451$165,321$2,327,129
19$4,045,497$1,455,022$171,934$2,418,542
20$4,207,317$1,514,895$178,811$2,513,611
21$4,375,610$1,577,163$185,963$2,612,483
22$4,550,634$1,641,922$193,402$2,715,310
23$4,732,659$1,709,272$201,138$2,822,250
24$4,921,966$1,779,315$209,184$2,933,467
25$5,118,844$1,852,160$217,551$3,049,133
26$5,323,598$1,927,919$226,253$3,169,426
27$5,536,542$2,006,708$235,303$3,294,531
28$5,758,004$2,088,649$244,715$3,424,639
29$5,988,324$2,173,868$254,504$3,559,953
30$6,227,857$2,262,495$264,684$3,700,678
Total$112,000,000$40,185,632$4,760,000$67,054,368

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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.