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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 2022 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 prize 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$1,775,118$208,154$2,914,465
2$5,142,624$1,865,726$218,562$3,058,337
3$5,399,755$1,960,864$229,490$3,209,401
4$5,669,743$2,060,760$240,964$3,368,019
5$5,953,230$2,165,650$253,012$3,534,567
6$6,250,891$2,275,785$265,663$3,709,444
7$6,563,436$2,391,426$278,946$3,893,064
8$6,891,608$2,512,850$292,893$4,085,865
9$7,236,188$2,640,345$307,538$4,288,306
10$7,597,998$2,774,214$322,915$4,500,869
11$7,977,898$2,914,777$339,061$4,724,060
12$8,376,792$3,062,368$356,014$4,958,411
13$8,795,632$3,217,339$373,814$5,204,479
14$9,235,414$3,380,058$392,505$5,462,851
15$9,697,184$3,550,913$412,130$5,734,141
16$10,182,044$3,730,311$432,737$6,018,996
17$10,691,146$3,918,679$454,374$6,318,093
18$11,225,703$4,116,465$477,092$6,632,145
19$11,786,988$4,324,141$500,947$6,961,900
20$12,376,337$4,542,200$525,994$7,308,143
21$12,995,154$4,771,162$552,294$7,671,698
22$13,644,912$5,011,572$579,909$8,053,431
23$14,327,158$5,264,003$608,904$8,454,250
24$15,043,515$5,529,056$639,349$8,875,110
25$15,795,691$5,807,361$671,317$9,317,014
26$16,585,476$6,099,581$704,883$9,781,012
27$17,414,750$6,406,412$740,127$10,268,210
28$18,285,487$6,728,585$777,133$10,779,769
29$19,199,761$7,066,867$815,990$11,316,905
30$20,159,750$7,422,062$856,789$11,880,898
Total$325,400,001$119,286,650$13,829,500$192,283,853

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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.