Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Aug 23, 2025 is estimated to be $700 Million, with a cash option of 316.3 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 Aug 23, 2025

Draw Date	Jackpot	Cash Option
Sat Aug 23, 2025	$700,000,000	$316,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$316,300,000
Federal Tax(24%)	$75,912,000
Additional Federal Tax	$41,079,330
State Tax(4.25%)	$13,442,750
Net Lumpsum Payment	$185,865,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$10,535,700	-$3,858,539 -$447,767	$6,229,394
2	$11,062,800	-$4,053,566 -$470,169	$6,539,065
3	$11,615,800	-$4,258,176 -$493,672	$6,863,952
4	$12,196,800	-$4,473,146 -$518,364	$7,205,290
5	$12,806,500	-$4,698,735 -$544,276	$7,563,489
6	$13,447,000	-$4,935,720 -$571,498	$7,939,782
7	$14,119,000	-$5,184,360 -$600,058	$8,334,582
8	$14,825,300	-$5,445,691 -$630,075	$8,749,534
9	$15,566,600	-$5,719,972 -$661,581	$9,185,047
10	$16,345,000	-$6,007,980 -$694,663	$9,642,357
11	$17,161,900	-$6,310,233 -$729,381	$10,122,286
12	$18,020,100	-$6,627,767 -$765,854	$10,626,479
13	$18,921,000	-$6,961,100 -$804,143	$11,155,757
14	$19,867,400	-$7,311,268 -$844,365	$11,711,767
15	$20,860,700	-$7,678,789 -$886,580	$12,295,331
16	$21,903,700	-$8,064,699 -$930,907	$12,908,094
17	$22,998,500	-$8,469,775 -$977,436	$13,551,289
18	$24,148,600	-$8,895,312 -$1,026,316	$14,226,972
19	$25,356,100	-$9,342,087 -$1,077,634	$14,936,379
20	$26,623,800	-$9,811,136 -$1,131,512	$15,681,152
21	$27,955,200	-$10,303,754 -$1,188,096	$16,463,350
22	$29,353,100	-$10,820,977 -$1,247,507	$17,284,616
23	$30,820,300	-$11,363,841 -$1,309,863	$18,146,596
24	$32,361,700	-$11,934,159 -$1,375,372	$19,052,169
25	$33,979,400	-$12,532,708 -$1,444,125	$20,002,567
26	$35,679,000	-$13,161,560 -$1,516,358	$21,001,082
27	$37,462,600	-$13,821,492 -$1,592,161	$22,048,947
28	$39,335,800	-$14,514,576 -$1,671,772	$23,149,452
29	$41,302,800	-$15,242,366 -$1,755,369	$24,305,065
30	$43,367,800	-$16,006,416 -$1,843,132	$25,518,252