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Michigan Powerball Jackpot Annuity Payout Schedule for Oct 1, 2022

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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 $325,400,000 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, Oct 1, 2022
Jackpot:$325,400,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,897,737$1,770,350$208,154$2,919,233
2$5,142,624$1,860,959$218,562$3,063,104
3$5,399,755$1,956,097$229,490$3,214,168
4$5,669,743$2,055,993$240,964$3,372,786
5$5,953,230$2,160,883$253,012$3,539,335
6$6,250,891$2,271,018$265,663$3,714,211
7$6,563,436$2,386,659$278,946$3,897,831
8$6,891,608$2,508,083$292,893$4,090,632
9$7,236,188$2,635,577$307,538$4,293,073
10$7,597,998$2,769,447$322,915$4,505,636
11$7,977,898$2,910,010$339,061$4,728,827
12$8,376,792$3,057,601$356,014$4,963,178
13$8,795,632$3,212,572$373,814$5,209,246
14$9,235,414$3,375,291$392,505$5,467,618
15$9,697,184$3,546,146$412,130$5,738,908
16$10,182,044$3,725,544$432,737$6,023,763
17$10,691,146$3,913,912$454,374$6,322,860
18$11,225,703$4,111,698$477,092$6,636,913
19$11,786,988$4,319,373$500,947$6,966,668
20$12,376,337$4,537,433$525,994$7,312,911
21$12,995,154$4,766,395$552,294$7,676,465
22$13,644,912$5,006,805$579,909$8,058,198
23$14,327,158$5,259,236$608,904$8,459,017
24$15,043,515$5,524,288$639,349$8,879,878
25$15,795,691$5,802,593$671,317$9,321,781
26$16,585,476$6,094,814$704,883$9,785,779
27$17,414,750$6,401,645$740,127$10,272,978
28$18,285,487$6,723,818$777,133$10,784,536
29$19,199,761$7,062,099$815,990$11,321,672
30$20,159,750$7,417,295$856,789$11,885,665
Total$325,400,001$119,143,634$13,829,500$192,426,870

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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.