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Michigan Powerball Jackpot Annuity Payout Schedule for Jun 20, 2015

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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 $80,000,000 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, Jun 20, 2015
Jackpot:$80,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,426,408$485,959$60,622$879,827
2$1,483,464$507,070$63,047$913,347
3$1,542,803$529,025$65,569$948,209
4$1,604,515$551,858$68,192$984,465
5$1,668,696$575,605$70,920$1,022,171
6$1,735,443$600,302$73,756$1,061,385
7$1,804,861$625,986$76,707$1,102,168
8$1,877,056$652,698$79,775$1,144,582
9$1,952,138$680,479$82,966$1,188,693
10$2,030,223$709,370$86,284$1,234,568
11$2,111,432$739,418$89,736$1,282,279
12$2,195,889$770,667$93,325$1,331,897
13$2,283,725$803,166$97,058$1,383,501
14$2,375,074$836,965$100,941$1,437,168
15$2,470,077$872,116$104,978$1,492,982
16$2,568,880$908,673$109,177$1,551,029
17$2,671,635$946,693$113,545$1,611,398
18$2,778,501$986,233$118,086$1,674,181
19$2,889,641$1,027,355$122,810$1,739,476
20$3,005,226$1,070,122$127,722$1,807,383
21$3,125,435$1,114,599$132,831$1,878,006
22$3,250,453$1,160,855$138,144$1,951,453
23$3,380,471$1,208,962$143,670$2,027,839
24$3,515,690$1,258,993$149,417$2,107,280
25$3,656,317$1,311,025$155,393$2,189,899
26$3,802,570$1,365,139$161,609$2,275,822
27$3,954,673$1,421,417$168,074$2,365,183
28$4,112,860$1,479,946$174,797$2,458,117
29$4,277,374$1,540,816$181,788$2,554,770
30$4,448,469$1,604,121$189,060$2,655,288
Total$80,000,000$28,345,633$3,399,999$48,254,366

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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.