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Michigan Powerball Jackpot Annuity Payout Schedule for Oct 15, 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 $464,800,000 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 15, 2022
Jackpot:$464,800,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,995,907$2,546,673$297,326$4,151,908
2$7,345,702$2,676,098$312,192$4,357,412
3$7,712,987$2,811,993$327,802$4,573,192
4$8,098,637$2,954,683$344,192$4,799,762
5$8,503,569$3,104,508$361,402$5,037,659
6$8,928,747$3,261,824$379,472$5,287,451
7$9,375,185$3,427,006$398,445$5,549,733
8$9,843,944$3,600,447$418,368$5,825,129
9$10,336,141$3,782,560$439,286$6,114,295
10$10,852,948$3,973,779$461,250$6,417,919
11$11,395,595$4,174,558$484,313$6,736,725
12$11,965,375$4,385,377$508,528$7,071,470
13$12,563,644$4,606,736$533,955$7,422,953
14$13,191,826$4,839,163$560,653$7,792,010
15$13,851,417$5,083,212$588,685$8,179,520
16$14,543,988$5,339,463$618,120$8,586,405
17$15,271,188$5,608,527$649,025$9,013,635
18$16,034,747$5,891,044$681,477$9,462,226
19$16,836,484$6,187,687$715,551$9,933,247
20$17,678,309$6,499,162$751,328$10,427,819
21$18,562,224$6,826,211$788,895$10,947,119
22$19,490,335$7,169,612$828,339$11,492,384
23$20,464,852$7,530,183$869,756$12,064,913
24$21,488,094$7,908,783$913,244$12,666,068
25$22,562,499$8,306,312$958,906$13,297,281
26$23,690,625$8,723,719$1,006,852$13,960,054
27$24,875,156$9,161,995$1,057,194$14,655,966
28$26,118,913$9,622,186$1,110,054$15,386,674
29$27,424,859$10,105,386$1,165,557$16,153,917
30$28,796,102$10,612,746$1,223,834$16,959,522
Total$464,800,001$170,721,633$19,754,001$274,324,368

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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.