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Michigan Powerball Jackpot Annuity Payout Schedule for Jan 13, 2024

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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 $78,400,000 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 money, as well as deductions claimed.

State:

Michigan

Drawing Date:Sat, Jan 13, 2024
Jackpot:$78,400,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,180,033$394,800$50,151$735,081
2$1,239,034$416,630$52,659$769,745
3$1,300,986$439,553$55,292$806,141
4$1,366,035$463,621$58,056$844,358
5$1,434,337$488,892$60,959$884,485
6$1,506,054$515,428$64,007$926,619
7$1,581,356$543,290$67,208$970,859
8$1,660,424$572,545$70,568$1,017,312
9$1,743,445$603,263$74,096$1,066,086
10$1,830,618$635,516$77,801$1,117,300
11$1,922,149$669,383$81,691$1,171,075
12$2,018,256$704,942$85,776$1,227,538
13$2,119,169$742,280$90,065$1,286,824
14$2,225,127$781,485$94,568$1,349,075
15$2,336,384$822,650$99,296$1,414,438
16$2,453,203$865,873$104,261$1,483,069
17$2,575,863$911,257$109,474$1,555,132
18$2,704,656$958,911$114,948$1,630,798
19$2,839,889$1,008,947$120,695$1,710,247
20$2,981,883$1,061,485$126,730$1,793,669
21$3,130,978$1,116,649$133,067$1,881,262
22$3,287,526$1,174,573$139,720$1,973,234
23$3,451,903$1,235,392$146,706$2,069,805
24$3,624,498$1,299,252$154,041$2,171,205
25$3,805,723$1,366,305$161,743$2,277,674
26$3,996,009$1,436,711$169,830$2,389,468
27$4,195,809$1,510,637$178,322$2,506,850
28$4,405,600$1,588,260$187,238$2,630,102
29$4,625,880$1,669,763$196,600$2,759,517
30$4,857,174$1,755,342$206,430$2,895,402
Total$78,400,000$27,753,635$3,331,998$47,314,370

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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.