Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Feb 22, 2025 is estimated to be $215 Million, with a cash option of 99.3 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 Sat Feb 22, 2025

Draw Date	Jackpot	Cash Option
Sat Feb 22, 2025	$215,000,000	$99,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,300,000
Federal Tax(24%)	$23,832,000
Additional Federal Tax	$12,869,330
State Tax(4.25%)	$4,220,250
Net Lumpsum Payment	$58,378,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,235,965	-$1,157,637 -$137,529	$1,940,799
2	$3,397,860	-$1,217,539 -$144,409	$2,035,912
3	$3,567,710	-$1,280,383 -$151,628	$2,135,699
4	$3,746,160	-$1,346,410 -$159,212	$2,240,538
5	$3,933,425	-$1,415,698 -$167,171	$2,350,556
6	$4,130,150	-$1,488,486 -$175,531	$2,466,133
7	$4,336,550	-$1,564,854 -$184,303	$2,587,393
8	$4,553,485	-$1,645,120 -$193,523	$2,714,842
9	$4,781,170	-$1,729,363 -$203,200	$2,848,607
10	$5,020,250	-$1,817,823 -$213,361	$2,989,066
11	$5,271,155	-$1,910,658 -$224,024	$3,136,473
12	$5,534,745	-$2,008,186 -$235,227	$3,291,332
13	$5,811,450	-$2,110,567 -$246,987	$3,453,896
14	$6,102,130	-$2,218,118 -$259,341	$3,624,671
15	$6,407,215	-$2,331,000 -$272,307	$3,803,908
16	$6,727,565	-$2,449,529 -$285,922	$3,992,114
17	$7,063,825	-$2,573,946 -$300,213	$4,189,666
18	$7,417,070	-$2,704,646 -$315,225	$4,397,199
19	$7,787,945	-$2,841,870 -$330,988	$4,615,087
20	$8,177,310	-$2,985,935 -$347,536	$4,843,839
21	$8,586,240	-$3,137,239 -$364,915	$5,084,086
22	$9,015,595	-$3,296,101 -$383,163	$5,336,331
23	$9,466,235	-$3,462,837 -$402,315	$5,601,083
24	$9,939,665	-$3,638,006 -$422,436	$5,879,223
25	$10,436,530	-$3,821,846 -$443,553	$6,171,131
26	$10,958,550	-$4,014,994 -$465,738	$6,477,818
27	$11,506,370	-$4,217,687 -$489,021	$6,799,662
28	$12,081,710	-$4,430,563 -$513,473	$7,137,674
29	$12,685,860	-$4,654,099 -$539,149	$7,492,612
30	$13,320,110	-$4,888,771 -$566,105	$7,865,234