USA Mega

Michigan Powerball Jackpot Annuity Payout Schedule for Apr 24, 2023

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $28,200,000 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:Mon, Apr 24, 2023
Jackpot:$28,200,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$424,450$118,932$18,039$287,479
2$445,673$126,360$18,941$300,372
3$467,957$134,160$19,888$313,909
4$491,354$142,349$20,883$328,123
5$515,922$150,948$21,927$343,048
6$541,718$159,976$23,023$358,719
7$568,804$169,456$24,174$375,174
8$597,244$179,410$25,383$392,451
9$627,107$190,217$26,652$410,237
10$658,462$201,819$27,985$428,659
11$691,385$214,000$29,384$448,001
12$725,954$226,791$30,853$468,310
13$762,252$240,221$32,396$489,635
14$800,365$254,323$34,015$512,026
15$840,383$269,129$35,716$535,537
16$882,402$284,677$37,502$560,223
17$926,522$301,001$39,377$586,144
18$972,848$318,142$41,346$613,361
19$1,021,491$336,139$43,413$641,938
20$1,072,565$355,037$45,584$671,944
21$1,126,193$374,879$47,863$703,451
22$1,182,503$395,714$50,256$736,533
23$1,241,628$417,590$52,769$771,269
24$1,303,710$440,560$55,408$807,742
25$1,368,895$464,679$58,178$846,038
26$1,437,340$490,004$61,087$886,249
27$1,509,207$516,594$64,141$928,471
28$1,584,667$544,515$67,348$972,804
29$1,663,901$573,831$70,716$1,019,354
30$1,747,096$604,613$74,252$1,068,231
Total$28,200,000$9,196,066$1,198,499$17,805,432

◄ Back to Jackpot Analysis

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.