Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(4.25%)	$3,344,750
Net Lumpsum Payment	$46,275,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$109,383	$1,551,731
2	$2,702,484	-$960,249 -$114,856	$1,627,379
3	$2,837,574	-$1,010,233 -$120,597	$1,706,744
4	$2,979,504	-$1,062,747 -$126,629	$1,790,128
5	$3,128,445	-$1,117,855 -$132,959	$1,877,631
6	$3,284,910	-$1,175,747 -$139,609	$1,969,554
7	$3,449,070	-$1,236,486 -$146,585	$2,065,999
8	$3,621,609	-$1,300,326 -$153,918	$2,167,365
9	$3,802,698	-$1,367,329 -$161,615	$2,273,754
10	$3,992,850	-$1,437,685 -$169,696	$2,385,469
11	$4,192,407	-$1,511,521 -$178,177	$2,502,709
12	$4,402,053	-$1,589,090 -$187,087	$2,625,876
13	$4,622,130	-$1,670,518 -$196,441	$2,755,171
14	$4,853,322	-$1,756,060 -$206,266	$2,890,996
15	$5,095,971	-$1,845,840 -$216,579	$3,033,552
16	$5,350,761	-$1,940,112 -$227,407	$3,183,242
17	$5,618,205	-$2,039,066 -$238,774	$3,340,365
18	$5,899,158	-$2,143,019 -$250,714	$3,505,425
19	$6,194,133	-$2,252,160 -$263,251	$3,678,722
20	$6,503,814	-$2,366,742 -$276,412	$3,860,660
21	$6,829,056	-$2,487,081 -$290,235	$4,051,740
22	$7,170,543	-$2,613,431 -$304,748	$4,252,364
23	$7,528,959	-$2,746,045 -$319,981	$4,462,933
24	$7,905,501	-$2,885,366 -$335,984	$4,684,151
25	$8,300,682	-$3,031,583 -$352,779	$4,916,320
26	$8,715,870	-$3,185,202 -$370,424	$5,160,244
27	$9,151,578	-$3,346,414 -$388,942	$5,416,222
28	$9,609,174	-$3,515,725 -$408,390	$5,685,059
29	$10,089,684	-$3,693,513 -$428,812	$5,967,359
30	$10,594,134	-$3,880,160 -$450,251	$6,263,723