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 |
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Draw Date | Wed Jul 9, 2025 | Projected Jackpot | $216,000,000 | Cash Value | $98,400,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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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