Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(4.25%)	$586,500
Net Lumpsum Payment	$8,147,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$19,830	$313,786
2	$489,924	-$141,602 -$20,822	$327,500
3	$514,414	-$150,664 -$21,863	$341,887
4	$540,144	-$160,184 -$22,956	$357,004
5	$567,145	-$170,174 -$24,104	$372,867
6	$595,510	-$180,669 -$25,309	$389,532
7	$625,270	-$191,680 -$26,574	$407,016
8	$656,549	-$203,254 -$27,903	$425,392
9	$689,378	-$215,400 -$29,299	$444,679
10	$723,850	-$228,155 -$30,764	$464,931
11	$760,027	-$241,540 -$32,301	$486,186
12	$798,033	-$255,603 -$33,916	$508,514
13	$837,930	-$270,364 -$35,612	$531,954
14	$879,842	-$285,872 -$37,393	$556,577
15	$923,831	-$302,148 -$39,263	$582,420
16	$970,021	-$319,238 -$41,226	$609,557
17	$1,018,505	-$337,177 -$43,286	$638,042
18	$1,069,438	-$356,022 -$45,451	$667,965
19	$1,122,913	-$375,808 -$47,724	$699,381
20	$1,179,054	-$396,580 -$50,110	$732,364
21	$1,238,016	-$418,396 -$52,616	$767,004
22	$1,299,923	-$441,302 -$55,247	$803,374
23	$1,364,899	-$465,343 -$58,008	$841,548
24	$1,433,161	-$490,600 -$60,909	$881,652
25	$1,504,802	-$517,107 -$63,954	$923,741
26	$1,580,070	-$544,956 -$67,153	$967,961
27	$1,659,058	-$574,182 -$70,510	$1,014,366
28	$1,742,014	-$604,876 -$74,036	$1,063,102
29	$1,829,124	-$637,106 -$77,738	$1,114,280
30	$1,920,574	-$670,943 -$81,624	$1,168,007