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Michigan Powerball Jackpot Annuity Payout Schedule for Jun 24, 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 $84,000,000 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 money, as well as deductions claimed.

State:

Michigan

Drawing Date:Mon, Jun 24, 2024
Jackpot:$84,000,000
Federal Tax:37% marginal rate
State Tax: 4.25%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,264,321$425,986$53,734$784,601
2$1,327,537$449,376$56,420$821,740
3$1,393,913$473,936$59,241$860,736
4$1,463,609$499,723$62,203$901,683
5$1,536,789$526,800$65,314$944,676
6$1,613,629$555,230$68,579$989,819
7$1,694,310$585,083$72,008$1,037,220
8$1,779,026$616,427$75,609$1,086,990
9$1,867,977$649,339$79,389$1,139,249
10$1,961,376$683,897$83,358$1,194,121
11$2,059,445$720,182$87,526$1,251,736
12$2,162,417$758,282$91,903$1,312,232
13$2,270,538$798,287$96,498$1,375,753
14$2,384,065$840,292$101,323$1,442,450
15$2,503,268$884,397$106,389$1,512,482
16$2,628,432$930,707$111,708$1,586,016
17$2,759,853$979,333$117,294$1,663,226
18$2,897,846$1,030,391$123,158$1,744,297
19$3,042,738$1,084,001$129,316$1,829,421
20$3,194,875$1,140,292$135,782$1,918,801
21$3,354,619$1,199,397$142,571$2,012,651
22$3,522,350$1,261,457$149,700$2,111,193
23$3,698,467$1,326,621$157,185$2,214,662
24$3,883,391$1,395,042$165,044$2,323,304
25$4,077,560$1,466,885$173,296$2,437,379
26$4,281,438$1,542,320$181,961$2,557,157
27$4,495,510$1,621,526$191,059$2,682,924
28$4,720,286$1,704,693$200,612$2,814,980
29$4,956,300$1,792,019$210,643$2,953,638
30$5,204,115$1,883,710$221,175$3,099,230
Total$84,000,000$29,825,631$3,569,998$50,604,367

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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.