The jackpot for the Powerball draw on Wed Jul 9, 2025, is projected to be $216 Million, with an option for a cash payout of $98.4 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 Wed Jul 9, 2025 |
|---|
| Draw Date | Wed Jul 9, 2025 | | Projected Jackpot | $216,000,000 | | Cash Value | $98,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $98,400,000 | | Federal Tax(24%) | $23,616,000 | | Additional Federal Tax | $12,752,330 | | State Tax(4.25%) | $4,182,000 | | Net Lumpsum Payment | $57,849,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,251,016 |
$1,163,206
$138,168 |
$1,949,642 |
| 2 |
$3,413,664 |
$1,223,386
$145,081 |
$2,045,197 |
| 3 |
$3,584,304 |
$1,286,523
$152,333 |
$2,145,448 |
| 4 |
$3,763,584 |
$1,352,856
$159,952 |
$2,250,776 |
| 5 |
$3,951,720 |
$1,422,467
$167,948 |
$2,361,305 |
| 6 |
$4,149,360 |
$1,495,594
$176,348 |
$2,477,418 |
| 7 |
$4,356,720 |
$1,572,317
$185,161 |
$2,599,242 |
| 8 |
$4,574,664 |
$1,652,956
$194,423 |
$2,727,285 |
| 9 |
$4,803,408 |
$1,737,591
$204,145 |
$2,861,672 |
| 10 |
$5,043,600 |
$1,826,462
$214,353 |
$3,002,785 |
| 11 |
$5,295,672 |
$1,919,729
$225,066 |
$3,150,877 |
| 12 |
$5,560,488 |
$2,017,711
$236,321 |
$3,306,456 |
| 13 |
$5,838,480 |
$2,120,568
$248,135 |
$3,469,777 |
| 14 |
$6,130,512 |
$2,228,620
$260,547 |
$3,641,345 |
| 15 |
$6,437,016 |
$2,342,026
$273,573 |
$3,821,417 |
| 16 |
$6,758,856 |
$2,461,107
$287,251 |
$4,010,498 |
| 17 |
$7,096,680 |
$2,586,102
$301,609 |
$4,208,969 |
| 18 |
$7,451,568 |
$2,717,411
$316,692 |
$4,417,465 |
| 19 |
$7,824,168 |
$2,855,273
$332,527 |
$4,636,368 |
| 20 |
$8,215,344 |
$3,000,008
$349,152 |
$4,866,184 |
| 21 |
$8,626,176 |
$3,152,016
$366,612 |
$5,107,548 |
| 22 |
$9,057,528 |
$3,311,616
$384,945 |
$5,360,967 |
| 23 |
$9,510,264 |
$3,479,128
$404,186 |
$5,626,950 |
| 24 |
$9,985,896 |
$3,655,112
$424,401 |
$5,906,383 |
| 25 |
$10,485,072 |
$3,839,807
$445,616 |
$6,199,649 |
| 26 |
$11,009,520 |
$4,033,853
$467,905 |
$6,507,762 |
| 27 |
$11,559,888 |
$4,237,489
$491,295 |
$6,831,104 |
| 28 |
$12,137,904 |
$4,451,355
$515,861 |
$7,170,688 |
| 29 |
$12,744,864 |
$4,675,930
$541,657 |
$7,527,277 |
| 30 |
$13,382,064 |
$4,911,694
$568,738 |
$7,901,632 |
|
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