USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Aug 13, 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 $10,000,000 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, Aug 13, 2005
Jackpot:$10,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$178,301$35,835$7,578$134,888
2$185,433$37,546$7,881$140,006
3$192,850$39,399$8,196$145,256
4$200,564$41,867$8,524$150,173
5$208,587$44,434$8,865$155,288
6$216,930$47,104$9,220$160,607
7$225,608$49,881$9,588$166,138
8$234,632$52,769$9,972$171,891
9$244,017$55,781$10,371$177,866
10$253,778$59,197$10,786$183,795
11$263,929$62,750$11,217$189,962
12$274,486$66,445$11,666$196,376
13$285,466$70,288$12,132$203,046
14$296,884$74,284$12,618$209,982
15$308,760$78,441$13,122$217,197
16$321,110$82,763$13,647$224,700
17$333,954$87,259$14,193$232,503
18$347,313$91,934$14,761$240,618
19$361,205$96,797$15,351$249,057
20$375,653$101,853$15,965$257,835
21$390,679$107,113$16,604$266,963
22$406,307$112,582$17,268$276,457
23$422,559$118,270$17,959$286,330
24$439,461$124,186$18,677$296,598
25$457,040$130,339$19,424$307,277
26$475,321$136,737$20,201$318,383
27$494,334$143,392$21,009$329,933
28$514,107$150,312$21,850$341,946
29$534,672$157,510$22,724$354,438
30$556,059$164,995$23,632$367,431
Total$10,000,000$2,622,063$425,001$6,952,940

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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.