Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 17, 2025 is estimated to be $123 Million, with a cash option of 55.9 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 17, 2025

Draw Date	Jackpot	Cash Option
Sat May 17, 2025	$123,000,000	$55,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$55,900,000
Federal Tax(24%)	$13,416,000
Additional Federal Tax	$7,227,330
State Tax(4.25%)	$2,375,750
Net Lumpsum Payment	$32,880,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,851,273	-$645,301 -$78,679	$1,127,293
2	$1,943,892	-$679,570 -$82,615	$1,181,707
3	$2,041,062	-$715,523 -$86,745	$1,238,794
4	$2,143,152	-$753,297 -$91,084	$1,298,771
5	$2,250,285	-$792,936 -$95,637	$1,361,712
6	$2,362,830	-$834,577 -$100,420	$1,427,833
7	$2,480,910	-$878,267 -$105,439	$1,497,204
8	$2,605,017	-$924,187 -$110,713	$1,570,117
9	$2,735,274	-$972,382 -$116,249	$1,646,643
10	$2,872,050	-$1,022,989 -$122,062	$1,726,999
11	$3,015,591	-$1,076,099 -$128,163	$1,811,329
12	$3,166,389	-$1,131,894 -$134,572	$1,899,923
13	$3,324,690	-$1,190,466 -$141,299	$1,992,925
14	$3,490,986	-$1,251,995 -$148,367	$2,090,624
15	$3,665,523	-$1,316,574 -$155,785	$2,193,164
16	$3,848,793	-$1,384,384 -$163,574	$2,300,835
17	$4,041,165	-$1,455,561 -$171,750	$2,413,854
18	$4,243,254	-$1,530,334 -$180,338	$2,532,582
19	$4,455,429	-$1,608,839 -$189,356	$2,657,234
20	$4,678,182	-$1,691,258 -$198,823	$2,788,101
21	$4,912,128	-$1,777,818 -$208,765	$2,925,545
22	$5,157,759	-$1,868,701 -$219,205	$3,069,853
23	$5,415,567	-$1,964,090 -$230,162	$3,221,315
24	$5,686,413	-$2,064,303 -$241,673	$3,380,437
25	$5,970,666	-$2,169,477 -$253,753	$3,547,436
26	$6,269,310	-$2,279,975 -$266,446	$3,722,889
27	$6,582,714	-$2,395,935 -$279,765	$3,907,014
28	$6,911,862	-$2,517,719 -$293,754	$4,100,389
29	$7,257,492	-$2,645,602 -$308,443	$4,303,447
30	$7,620,342	-$2,779,857 -$323,865	$4,516,620