Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Feb 28, 2026 is estimated to be $238 Million, with a cash option of 110.9 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 Feb 28, 2026

Draw Date	Jackpot	Cash Option
Sat Feb 28, 2026	$238,000,000	$110,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$110,900,000
Federal Tax(24%)	$26,616,000
Additional Federal Tax	$14,377,330
State Tax(4.25%)	$4,713,250
Net Lumpsum Payment	$65,193,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,582,138	-$1,285,721 -$152,241	$2,144,176
2	$3,761,352	-$1,352,031 -$159,857	$2,249,464
3	$3,949,372	-$1,421,598 -$167,848	$2,359,926
4	$4,146,912	-$1,494,688 -$176,244	$2,475,980
5	$4,354,210	-$1,571,388 -$185,054	$2,597,768
6	$4,571,980	-$1,651,963 -$194,309	$2,725,708
7	$4,800,460	-$1,736,501 -$204,020	$2,859,939
8	$5,040,602	-$1,825,353 -$214,226	$3,001,023
9	$5,292,644	-$1,918,609 -$224,937	$3,149,098
10	$5,557,300	-$2,016,531 -$236,185	$3,304,584
11	$5,835,046	-$2,119,297 -$247,989	$3,467,760
12	$6,126,834	-$2,227,259 -$260,390	$3,639,185
13	$6,433,140	-$2,340,592 -$273,408	$3,819,140
14	$6,754,916	-$2,459,649 -$287,084	$4,008,183
15	$7,092,638	-$2,584,606 -$301,437	$4,206,595
16	$7,447,258	-$2,715,816 -$316,508	$4,414,934
17	$7,819,490	-$2,853,542 -$332,328	$4,633,620
18	$8,210,524	-$2,998,224 -$348,947	$4,863,353
19	$8,621,074	-$3,150,128 -$366,396	$5,104,550
20	$9,052,092	-$3,309,604 -$384,714	$5,357,774
21	$9,504,768	-$3,477,095 -$403,953	$5,623,720
22	$9,980,054	-$3,652,950 -$424,152	$5,902,952
23	$10,478,902	-$3,837,524 -$445,353	$6,196,025
24	$11,002,978	-$4,031,432 -$467,627	$6,503,919
25	$11,552,996	-$4,234,939 -$491,002	$6,827,055
26	$12,130,860	-$4,448,749 -$515,562	$7,166,549
27	$12,737,284	-$4,673,125 -$541,335	$7,522,824
28	$13,374,172	-$4,908,774 -$568,402	$7,896,996
29	$14,042,952	-$5,156,223 -$596,825	$8,289,904
30	$14,745,052	-$5,416,000 -$626,665	$8,702,387