Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed May 1, 2024 is estimated to be $178 Million, with a cash option of 81.3 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 May 1, 2024

Draw Date	Jackpot	Cash Option
Wed May 1, 2024	$178,000,000	$81,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$81,300,000
Federal Tax(24%)	$19,512,000
Additional Federal Tax	$10,529,330
State Tax(4.25%)	$3,455,250
Net Lumpsum Payment	$47,803,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,679,078	-$951,589 -$113,861	$1,613,628
2	$2,813,112	-$1,001,182 -$119,557	$1,692,373
3	$2,953,732	-$1,053,211 -$125,534	$1,774,987
4	$3,101,472	-$1,107,875 -$131,813	$1,861,784
5	$3,256,510	-$1,165,239 -$138,402	$1,952,869
6	$3,419,380	-$1,225,501 -$145,324	$2,048,555
7	$3,590,260	-$1,288,727 -$152,586	$2,148,947
8	$3,769,862	-$1,355,179 -$160,219	$2,254,464
9	$3,958,364	-$1,424,925 -$168,230	$2,365,209
10	$4,156,300	-$1,498,161 -$176,643	$2,481,496
11	$4,364,026	-$1,575,020 -$185,471	$2,603,535
12	$4,582,254	-$1,655,764 -$194,746	$2,731,744
13	$4,811,340	-$1,740,526 -$204,482	$2,866,332
14	$5,051,996	-$1,829,569 -$214,710	$3,007,717
15	$5,304,578	-$1,923,024 -$225,445	$3,156,109
16	$5,569,798	-$2,021,156 -$236,716	$3,311,926
17	$5,848,190	-$2,124,161 -$248,548	$3,475,481
18	$6,140,644	-$2,232,369 -$260,977	$3,647,298
19	$6,447,694	-$2,345,977 -$274,027	$3,827,690
20	$6,770,052	-$2,465,250 -$287,727	$4,017,075
21	$7,108,608	-$2,590,515 -$302,116	$4,215,977
22	$7,464,074	-$2,722,038 -$317,223	$4,424,813
23	$7,837,162	-$2,860,080 -$333,079	$4,644,003
24	$8,229,118	-$3,005,104 -$349,738	$4,874,276
25	$8,640,476	-$3,157,307 -$367,220	$5,115,949
26	$9,072,660	-$3,317,215 -$385,588	$5,369,857
27	$9,526,204	-$3,485,026 -$404,864	$5,636,314
28	$10,002,532	-$3,661,267 -$425,108	$5,916,157
29	$10,502,712	-$3,846,334 -$446,365	$6,210,013
30	$11,027,812	-$4,040,621 -$468,682	$6,518,509