Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Mar 29, 2025 is estimated to be $515 Million, with a cash option of 242.7 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 Mar 29, 2025

Draw Date	Jackpot	Cash Option
Sat Mar 29, 2025	$515,000,000	$242,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$242,700,000
Federal Tax(24%)	$58,248,000
Additional Federal Tax	$31,511,330
State Tax(4.25%)	$10,314,750
Net Lumpsum Payment	$142,625,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$7,751,265	-$2,828,298 -$329,429	$4,593,538
2	$8,139,060	-$2,971,783 -$345,910	$4,821,367
3	$8,545,910	-$3,122,317 -$363,201	$5,060,392
4	$8,973,360	-$3,280,474 -$381,368	$5,311,518
5	$9,421,925	-$3,446,443 -$400,432	$5,575,050
6	$9,893,150	-$3,620,796 -$420,459	$5,851,895
7	$10,387,550	-$3,803,724 -$441,471	$6,142,355
8	$10,907,185	-$3,995,989 -$463,555	$6,447,641
9	$11,452,570	-$4,197,781 -$486,734	$6,768,055
10	$12,025,250	-$4,409,673 -$511,073	$7,104,504
11	$12,626,255	-$4,632,045 -$536,616	$7,457,594
12	$13,257,645	-$4,865,659 -$563,450	$7,828,536
13	$13,920,450	-$5,110,897 -$591,619	$8,217,934
14	$14,616,730	-$5,368,520 -$621,211	$8,626,999
15	$15,347,515	-$5,638,911 -$652,269	$9,056,335
16	$16,114,865	-$5,922,830 -$684,882	$9,507,153
17	$16,920,325	-$6,220,851 -$719,114	$9,980,360
18	$17,766,470	-$6,533,924 -$755,075	$10,477,471
19	$18,654,845	-$6,862,623 -$792,831	$10,999,391
20	$19,587,510	-$7,207,709 -$832,469	$11,547,332
21	$20,567,040	-$7,570,135 -$874,099	$12,122,806
22	$21,595,495	-$7,950,664 -$917,809	$12,727,022
23	$22,674,935	-$8,350,056 -$963,685	$13,361,194
24	$23,808,965	-$8,769,647 -$1,011,881	$14,027,437
25	$24,999,130	-$9,210,008 -$1,062,463	$14,726,659
26	$26,249,550	-$9,672,664 -$1,115,606	$15,461,280
27	$27,561,770	-$10,158,185 -$1,171,375	$16,232,210
28	$28,939,910	-$10,668,097 -$1,229,946	$17,041,867
29	$30,387,060	-$11,203,543 -$1,291,450	$17,892,067
30	$31,906,310	-$11,765,665 -$1,356,018	$18,784,627