USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Nov 21, 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 $20,000,000 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 prize money, as well as deductions claimed.

State:

Michigan

Drawing Date:Mon, Nov 21, 2022
Jackpot:$20,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$301,029$79,113$12,794$209,122
2$316,080$84,381$13,433$218,266
3$331,884$89,912$14,105$227,867
4$348,478$95,720$14,810$237,948
5$365,902$101,819$15,551$248,533
6$384,197$108,222$16,328$259,647
7$403,407$114,946$17,145$271,317
8$423,578$122,005$18,002$283,570
9$444,757$129,418$18,902$296,437
10$466,994$137,201$19,847$309,946
11$490,344$145,373$20,840$324,131
12$514,861$153,954$21,882$339,025
13$540,604$162,979$22,976$354,650
14$567,635$172,980$24,124$370,530
15$596,016$183,481$25,331$387,205
16$625,817$194,507$26,597$404,713
17$657,108$206,085$27,927$423,096
18$689,963$218,241$29,323$442,398
19$724,461$231,006$30,790$462,666
20$760,685$244,408$32,329$483,947
21$798,719$258,481$33,946$506,292
22$838,655$273,257$35,643$529,755
23$880,587$288,772$37,425$554,390
24$924,617$305,063$39,296$580,257
25$970,848$322,169$41,261$607,418
26$1,019,390$340,129$43,324$635,937
27$1,070,360$358,988$45,490$665,881
28$1,123,878$378,790$47,765$697,323
29$1,180,071$399,581$50,153$730,337
30$1,239,075$421,413$52,661$765,002
Total$20,000,000$6,322,394$850,000$12,827,606

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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.