Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Michigan, your state will take 4.25% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Michigan Powerball Jackpot/Cash Option for Sat May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(4.25%)	$714,000
Net Lumpsum Payment	$9,909,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$23,028	$357,998
2	$568,944	-$170,840 -$24,180	$373,924
3	$597,384	-$181,362 -$25,389	$390,633
4	$627,264	-$192,418 -$26,659	$408,187
5	$658,620	-$204,020 -$27,991	$426,609
6	$691,560	-$216,208 -$29,391	$445,961
7	$726,120	-$228,995 -$30,860	$466,265
8	$762,444	-$242,435 -$32,404	$487,605
9	$800,568	-$256,541 -$34,024	$510,003
10	$840,600	-$271,352 -$35,726	$533,522
11	$882,612	-$286,897 -$37,511	$558,204
12	$926,748	-$303,227 -$39,387	$584,134
13	$973,080	-$320,370 -$41,356	$611,354
14	$1,021,752	-$338,379 -$43,424	$639,949
15	$1,072,836	-$357,280 -$45,596	$669,960
16	$1,126,476	-$377,127 -$47,875	$701,474
17	$1,182,780	-$397,959 -$50,268	$734,553
18	$1,241,928	-$419,844 -$52,782	$769,302
19	$1,304,028	-$442,821 -$55,421	$805,786
20	$1,369,224	-$466,943 -$58,192	$844,089
21	$1,437,696	-$492,278 -$61,102	$884,316
22	$1,509,588	-$518,878 -$64,157	$926,553
23	$1,585,044	-$546,797 -$67,364	$970,883
24	$1,664,316	-$576,127 -$70,733	$1,017,456
25	$1,747,512	-$606,910 -$74,269	$1,066,333
26	$1,834,920	-$639,251 -$77,984	$1,117,685
27	$1,926,648	-$673,190 -$81,883	$1,171,575
28	$2,022,984	-$708,834 -$85,977	$1,228,173
29	$2,124,144	-$746,264 -$90,276	$1,287,604
30	$2,230,344	-$785,558 -$94,790	$1,349,996