Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(4.25%)	$1,742,500
Net Lumpsum Payment	$24,127,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$56,291	$817,806
2	$1,390,752	-$474,909 -$59,107	$856,736
3	$1,460,272	-$500,631 -$62,062	$897,579
4	$1,533,312	-$527,656 -$65,166	$940,490
5	$1,609,960	-$556,016 -$68,423	$985,521
6	$1,690,480	-$585,808 -$71,845	$1,032,827
7	$1,774,960	-$617,066 -$75,436	$1,082,458
8	$1,863,752	-$649,919 -$79,209	$1,134,624
9	$1,956,944	-$684,400 -$83,170	$1,189,374
10	$2,054,800	-$720,606 -$87,329	$1,246,865
11	$2,157,496	-$758,604 -$91,694	$1,307,198
12	$2,265,384	-$798,522 -$96,279	$1,370,583
13	$2,378,640	-$840,427 -$101,092	$1,437,121
14	$2,497,616	-$884,448 -$106,149	$1,507,019
15	$2,622,488	-$930,651 -$111,456	$1,580,381
16	$2,753,608	-$979,165 -$117,028	$1,657,415
17	$2,891,240	-$1,030,089 -$122,878	$1,738,273
18	$3,035,824	-$1,083,585 -$129,023	$1,823,216
19	$3,187,624	-$1,139,751 -$135,474	$1,912,399
20	$3,346,992	-$1,198,717 -$142,247	$2,006,028
21	$3,514,368	-$1,260,647 -$149,361	$2,104,360
22	$3,690,104	-$1,325,669 -$156,829	$2,207,606
23	$3,874,552	-$1,393,915 -$164,668	$2,315,969
24	$4,068,328	-$1,465,612 -$172,904	$2,429,812
25	$4,271,696	-$1,540,858 -$181,547	$2,549,291
26	$4,485,360	-$1,619,914 -$190,628	$2,674,818
27	$4,709,584	-$1,702,876 -$200,157	$2,806,551
28	$4,945,072	-$1,790,007 -$210,166	$2,944,899
29	$5,192,352	-$1,881,501 -$220,675	$3,090,176
30	$5,451,952	-$1,977,553 -$231,708	$3,242,691