The jackpot for the Powerball draw on Mon Feb 23, 2026, is projected to be $203 Million, with an option for a cash payout of $94.6 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 Mon Feb 23, 2026 |
|---|
| Draw Date | Mon Feb 23, 2026 | | Projected Jackpot | $203,000,000 | | Cash Value | $94,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $94,600,000 | | Federal Tax(24%) | $22,704,000 | | Additional Federal Tax | $12,258,330 | | State Tax(4.25%) | $4,020,500 | | Net Lumpsum Payment | $55,617,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,055,353 |
$1,090,811
$129,853 |
$1,834,689 |
| 2 |
$3,208,212 |
$1,147,369
$136,349 |
$1,924,494 |
| 3 |
$3,368,582 |
$1,206,706
$143,165 |
$2,018,711 |
| 4 |
$3,537,072 |
$1,269,047
$150,326 |
$2,117,699 |
| 5 |
$3,713,885 |
$1,334,468
$157,840 |
$2,221,577 |
| 6 |
$3,899,630 |
$1,403,193
$165,734 |
$2,330,703 |
| 7 |
$4,094,510 |
$1,475,299
$174,017 |
$2,445,194 |
| 8 |
$4,299,337 |
$1,551,085
$182,722 |
$2,565,530 |
| 9 |
$4,514,314 |
$1,630,627
$191,858 |
$2,691,829 |
| 10 |
$4,740,050 |
$1,714,149
$201,452 |
$2,824,449 |
| 11 |
$4,976,951 |
$1,801,802
$211,520 |
$2,963,629 |
| 12 |
$5,225,829 |
$1,893,887
$222,098 |
$3,109,844 |
| 13 |
$5,487,090 |
$1,990,554
$233,201 |
$3,263,335 |
| 14 |
$5,761,546 |
$2,092,102
$244,866 |
$3,424,578 |
| 15 |
$6,049,603 |
$2,198,683
$257,108 |
$3,593,812 |
| 16 |
$6,352,073 |
$2,310,597
$269,963 |
$3,771,513 |
| 17 |
$6,669,565 |
$2,428,069
$283,457 |
$3,958,039 |
| 18 |
$7,003,094 |
$2,551,475
$297,631 |
$4,153,988 |
| 19 |
$7,353,269 |
$2,681,040
$312,514 |
$4,359,715 |
| 20 |
$7,720,902 |
$2,817,064
$328,138 |
$4,575,700 |
| 21 |
$8,107,008 |
$2,959,923
$344,548 |
$4,802,537 |
| 22 |
$8,512,399 |
$3,109,918
$361,777 |
$5,040,704 |
| 23 |
$8,937,887 |
$3,267,349
$379,860 |
$5,290,678 |
| 24 |
$9,384,893 |
$3,432,741
$398,858 |
$5,553,294 |
| 25 |
$9,854,026 |
$3,606,320
$418,796 |
$5,828,910 |
| 26 |
$10,346,910 |
$3,788,687
$439,744 |
$6,118,479 |
| 27 |
$10,864,154 |
$3,980,067
$461,727 |
$6,422,360 |
| 28 |
$11,407,382 |
$4,181,062
$484,814 |
$6,741,506 |
| 29 |
$11,977,812 |
$4,392,121
$509,057 |
$7,076,634 |
| 30 |
$12,576,662 |
$4,613,695
$534,508 |
$7,428,459 |
|
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