The jackpot for the Powerball draw on Mon Feb 2, 2026, is projected to be $65 Million, with an option for a cash payout of $29.4 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 2, 2026 |
|---|
| Draw Date | Mon Feb 2, 2026 | | Projected Jackpot | $65,000,000 | | Cash Value | $29,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,400,000 | | Federal Tax(24%) | $7,056,000 | | Additional Federal Tax | $3,782,330 | | State Tax(4.25%) | $1,249,500 | | Net Lumpsum Payment | $17,312,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$978,315 |
$322,307
$41,578 |
$614,430 |
| 2 |
$1,027,260 |
$340,417
$43,659 |
$643,184 |
| 3 |
$1,078,610 |
$359,416
$45,841 |
$673,353 |
| 4 |
$1,132,560 |
$379,378
$48,134 |
$705,048 |
| 5 |
$1,189,175 |
$400,325
$50,540 |
$738,310 |
| 6 |
$1,248,650 |
$422,331
$53,068 |
$773,251 |
| 7 |
$1,311,050 |
$445,419
$55,720 |
$809,911 |
| 8 |
$1,376,635 |
$469,685
$58,507 |
$848,443 |
| 9 |
$1,445,470 |
$495,154
$61,432 |
$888,884 |
| 10 |
$1,517,750 |
$521,898
$64,504 |
$931,348 |
| 11 |
$1,593,605 |
$549,964
$67,728 |
$975,913 |
| 12 |
$1,673,295 |
$579,450
$71,115 |
$1,022,730 |
| 13 |
$1,756,950 |
$610,402
$74,670 |
$1,071,878 |
| 14 |
$1,844,830 |
$642,917
$78,405 |
$1,123,508 |
| 15 |
$1,937,065 |
$677,044
$82,325 |
$1,177,696 |
| 16 |
$2,033,915 |
$712,879
$86,441 |
$1,234,595 |
| 17 |
$2,135,575 |
$750,493
$90,762 |
$1,294,320 |
| 18 |
$2,242,370 |
$790,007
$95,301 |
$1,357,062 |
| 19 |
$2,354,495 |
$831,494
$100,066 |
$1,422,935 |
| 20 |
$2,472,210 |
$875,048
$105,069 |
$1,492,093 |
| 21 |
$2,595,840 |
$920,791
$110,323 |
$1,564,726 |
| 22 |
$2,725,645 |
$968,819
$115,840 |
$1,640,986 |
| 23 |
$2,861,885 |
$1,019,228
$121,630 |
$1,721,027 |
| 24 |
$3,005,015 |
$1,072,186
$127,713 |
$1,805,116 |
| 25 |
$3,155,230 |
$1,127,765
$134,097 |
$1,893,368 |
| 26 |
$3,313,050 |
$1,186,159
$140,805 |
$1,986,086 |
| 27 |
$3,478,670 |
$1,247,438
$147,843 |
$2,083,389 |
| 28 |
$3,652,610 |
$1,311,796
$155,236 |
$2,185,578 |
| 29 |
$3,835,260 |
$1,379,377
$162,999 |
$2,292,884 |
| 30 |
$4,027,010 |
$1,450,324
$171,148 |
$2,405,538 |
|
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