USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Jan 13, 2021

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The tax information provided here is based on 2021 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 $556,700,000 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 prize money, as well as deductions claimed.

State:

Michigan

Drawing Date:Wed, Jan 13, 2021
Jackpot:$556,700,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$8,379,134$3,064,352$356,113$4,958,669
2$8,798,091$3,219,366$373,919$5,204,806
3$9,237,995$3,382,130$392,615$5,463,250
4$9,699,895$3,553,033$412,246$5,734,616
5$10,184,889$3,732,481$432,858$6,019,550
6$10,694,134$3,920,902$454,501$6,318,732
7$11,228,841$4,118,743$477,226$6,632,872
8$11,790,283$4,326,477$501,087$6,962,719
9$12,379,797$4,544,597$526,141$7,309,059
10$12,998,787$4,773,623$552,448$7,672,715
11$13,648,726$5,014,101$580,071$8,054,554
12$14,331,163$5,266,602$609,074$8,455,486
13$15,047,721$5,531,729$639,528$8,876,464
14$15,800,107$5,810,112$671,505$9,318,491
15$16,590,112$6,102,414$705,080$9,782,619
16$17,419,618$6,409,331$740,334$10,269,953
17$18,290,598$6,731,594$777,350$10,781,654
18$19,205,128$7,069,970$816,218$11,318,941
19$20,165,385$7,425,265$857,029$11,883,091
20$21,173,654$7,798,324$899,880$12,475,450
21$22,232,337$8,190,037$944,874$13,097,426
22$23,343,954$8,601,335$992,118$13,750,500
23$24,511,151$9,033,198$1,041,724$14,436,229
24$25,736,709$9,486,654$1,093,810$15,156,244
25$27,023,544$9,962,784$1,148,501$15,912,260
26$28,374,722$10,462,719$1,205,926$16,706,077
27$29,793,458$10,987,652$1,266,222$17,539,584
28$31,283,130$11,538,830$1,329,533$18,414,767
29$32,847,287$12,117,568$1,396,010$19,333,709
30$34,489,652$12,725,243$1,465,810$20,298,598
Total$556,700,001$204,901,166$23,659,751$328,139,085

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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.