USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Nov 5, 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 $1,656,800,000 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, Nov 5, 2022
Jackpot:$1,656,800,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$24,937,218$9,184,958$1,059,832$14,692,428
2$26,184,079$9,646,297$1,112,823$15,424,959
3$27,493,282$10,130,702$1,168,464$16,194,116
4$28,867,947$10,639,328$1,226,888$17,001,731
5$30,311,343$11,173,385$1,288,232$17,849,726
6$31,826,911$11,734,145$1,352,644$18,740,122
7$33,418,257$12,322,943$1,420,276$19,675,038
8$35,089,170$12,941,181$1,491,290$20,656,700
9$36,843,628$13,590,330$1,565,854$21,687,444
10$38,685,809$14,271,937$1,644,147$22,769,725
11$40,620,100$14,987,625$1,726,354$23,906,121
12$42,651,105$15,739,097$1,812,672$25,099,337
13$44,783,660$16,528,142$1,903,306$26,352,213
14$47,022,844$17,356,640$1,998,471$27,667,733
15$49,373,985$18,226,562$2,098,394$29,049,029
16$51,842,685$19,139,981$2,203,314$30,499,390
17$54,434,818$20,099,071$2,313,480$32,022,268
18$57,156,560$21,106,115$2,429,154$33,621,291
19$60,014,387$22,163,511$2,550,611$35,300,265
20$63,015,107$23,273,777$2,678,142$37,063,188
21$66,165,862$24,439,557$2,812,049$38,914,256
22$69,474,155$25,663,625$2,952,652$40,857,879
23$72,947,864$26,948,897$3,100,284$42,898,682
24$76,595,256$28,298,432$3,255,298$45,041,525
25$80,425,018$29,715,445$3,418,063$47,291,511
26$84,446,271$31,203,308$3,588,967$49,653,996
27$88,668,584$32,765,564$3,768,415$52,134,606
28$93,102,012$34,405,932$3,956,836$54,739,244
29$97,757,113$36,128,320$4,154,677$57,474,116
30$102,644,970$37,936,827$4,362,411$60,345,732
Total$1,656,800,003$611,761,634$70,414,000$974,624,371

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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.