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Michigan Powerball Jackpot Annuity Payout Schedule for Feb 24, 2024

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The tax information provided here is based on 2025 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 $375,900,000 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, Feb 24, 2024
Jackpot:$375,900,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,657,834$2,050,419$240,458$3,366,957
2$5,940,726$2,155,089$252,481$3,533,156
3$6,237,762$2,264,992$265,105$3,707,665
4$6,549,651$2,380,391$278,360$3,890,900
5$6,877,133$2,501,559$292,278$4,083,295
6$7,220,990$2,628,786$306,892$4,285,311
7$7,582,039$2,762,375$322,237$4,497,428
8$7,961,141$2,902,643$338,349$4,720,150
9$8,359,198$3,049,924$355,266$4,954,009
10$8,777,158$3,204,569$373,029$5,199,560
11$9,216,016$3,366,946$391,681$5,457,389
12$9,676,817$3,537,443$411,265$5,728,110
13$10,160,658$3,716,464$431,828$6,012,366
14$10,668,691$3,904,436$453,419$6,310,836
15$11,202,125$4,101,807$476,090$6,624,228
16$11,762,232$4,309,046$499,895$6,953,291
17$12,350,343$4,526,647$524,890$7,298,806
18$12,967,860$4,755,129$551,134$7,661,598
19$13,616,253$4,995,034$578,691$8,042,528
20$14,297,066$5,246,935$607,625$8,442,506
21$15,011,919$5,511,430$638,007$8,862,482
22$15,762,515$5,789,151$669,907$9,303,457
23$16,550,641$6,080,757$703,402$9,766,481
24$17,378,173$6,386,944$738,572$10,252,656
25$18,247,081$6,708,440$775,501$10,763,140
26$19,159,436$7,046,011$814,276$11,299,148
27$20,117,408$7,400,461$854,990$11,861,957
28$21,123,278$7,772,633$897,739$12,452,905
29$22,179,442$8,163,414$942,626$13,073,402
30$23,288,414$8,573,733$989,758$13,724,923
Total$375,900,001$137,793,608$15,975,751$222,130,640

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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.