The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Michigan residents, the state will deduct 4.25% from your lottery earnings.
| Michigan Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(4.25%) | $714,000 | | Net Lumpsum Payment | $9,909,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$23,028 |
$357,998 |
| 2 |
$568,944 |
$170,840
$24,180 |
$373,924 |
| 3 |
$597,384 |
$181,362
$25,389 |
$390,633 |
| 4 |
$627,264 |
$192,418
$26,659 |
$408,187 |
| 5 |
$658,620 |
$204,020
$27,991 |
$426,609 |
| 6 |
$691,560 |
$216,208
$29,391 |
$445,961 |
| 7 |
$726,120 |
$228,995
$30,860 |
$466,265 |
| 8 |
$762,444 |
$242,435
$32,404 |
$487,605 |
| 9 |
$800,568 |
$256,541
$34,024 |
$510,003 |
| 10 |
$840,600 |
$271,352
$35,726 |
$533,522 |
| 11 |
$882,612 |
$286,897
$37,511 |
$558,204 |
| 12 |
$926,748 |
$303,227
$39,387 |
$584,134 |
| 13 |
$973,080 |
$320,370
$41,356 |
$611,354 |
| 14 |
$1,021,752 |
$338,379
$43,424 |
$639,949 |
| 15 |
$1,072,836 |
$357,280
$45,596 |
$669,960 |
| 16 |
$1,126,476 |
$377,127
$47,875 |
$701,474 |
| 17 |
$1,182,780 |
$397,959
$50,268 |
$734,553 |
| 18 |
$1,241,928 |
$419,844
$52,782 |
$769,302 |
| 19 |
$1,304,028 |
$442,821
$55,421 |
$805,786 |
| 20 |
$1,369,224 |
$466,943
$58,192 |
$844,089 |
| 21 |
$1,437,696 |
$492,278
$61,102 |
$884,316 |
| 22 |
$1,509,588 |
$518,878
$64,157 |
$926,553 |
| 23 |
$1,585,044 |
$546,797
$67,364 |
$970,883 |
| 24 |
$1,664,316 |
$576,127
$70,733 |
$1,017,456 |
| 25 |
$1,747,512 |
$606,910
$74,269 |
$1,066,333 |
| 26 |
$1,834,920 |
$639,251
$77,984 |
$1,117,685 |
| 27 |
$1,926,648 |
$673,190
$81,883 |
$1,171,575 |
| 28 |
$2,022,984 |
$708,834
$85,977 |
$1,228,173 |
| 29 |
$2,124,144 |
$746,264
$90,276 |
$1,287,604 |
| 30 |
$2,230,344 |
$785,558
$94,790 |
$1,349,996 |
|
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