Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jul 23, 2025 is estimated to be $325 Million, with a cash option of 145.3 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 Jul 23, 2025

Draw Date	Jackpot	Cash Option
Wed Jul 23, 2025	$325,000,000	$145,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$145,300,000
Federal Tax(24%)	$34,872,000
Additional Federal Tax	$18,849,330
State Tax(4.25%)	$6,175,250
Net Lumpsum Payment	$85,403,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,891,575	-$1,770,213 -$207,892	$2,913,470
2	$5,136,300	-$1,860,761 -$218,293	$3,057,246
3	$5,393,050	-$1,955,759 -$229,205	$3,208,086
4	$5,662,800	-$2,055,566 -$240,669	$3,366,565
5	$5,945,875	-$2,160,304 -$252,700	$3,532,871
6	$6,243,250	-$2,270,333 -$265,338	$3,707,579
7	$6,555,250	-$2,385,773 -$278,598	$3,890,879
8	$6,883,175	-$2,507,105 -$292,535	$4,083,535
9	$7,227,350	-$2,634,450 -$307,162	$4,285,738
10	$7,588,750	-$2,768,168 -$322,522	$4,498,060
11	$7,968,025	-$2,908,500 -$338,641	$4,720,884
12	$8,366,475	-$3,055,926 -$355,575	$4,954,974
13	$8,784,750	-$3,210,688 -$373,352	$5,200,710
14	$9,224,150	-$3,373,266 -$392,026	$5,458,858
15	$9,685,325	-$3,543,901 -$411,626	$5,729,798
16	$10,169,575	-$3,723,073 -$432,207	$6,014,295
17	$10,677,875	-$3,911,144 -$453,810	$6,312,921
18	$11,211,850	-$4,108,715 -$476,504	$6,626,631
19	$11,772,475	-$4,316,146 -$500,330	$6,955,999
20	$12,361,050	-$4,533,919 -$525,345	$7,301,786
21	$12,979,200	-$4,762,634 -$551,616	$7,664,950
22	$13,628,225	-$5,002,774 -$579,200	$8,046,251
23	$14,309,425	-$5,254,818 -$608,151	$8,446,456
24	$15,025,075	-$5,519,608 -$638,566	$8,866,901
25	$15,776,150	-$5,797,506 -$670,486	$9,308,158
26	$16,565,250	-$6,089,473 -$704,023	$9,771,754
27	$17,393,350	-$6,395,870 -$739,217	$10,258,263
28	$18,263,050	-$6,717,659 -$776,180	$10,769,211
29	$19,176,300	-$7,055,561 -$814,993	$11,305,746
30	$20,135,050	-$7,410,299 -$855,740	$11,869,011