The jackpot for the Powerball draw on Mon May 12, 2025, is projected to be $93 Million, with an option for a cash payout of $42.3 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 May 12, 2025 |
|---|
| Draw Date | Mon May 12, 2025 | | Projected Jackpot | $93,000,000 | | Cash Value | $42,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $42,300,000 | | Federal Tax(24%) | $10,152,000 | | Additional Federal Tax | $5,459,330 | | State Tax(4.25%) | $1,797,750 | | Net Lumpsum Payment | $24,890,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,399,743 |
$478,235
$59,489 |
$862,019 |
| 2 |
$1,469,772 |
$504,146
$62,465 |
$903,161 |
| 3 |
$1,543,242 |
$531,330
$65,588 |
$946,324 |
| 4 |
$1,620,432 |
$559,890
$68,868 |
$991,674 |
| 5 |
$1,701,435 |
$589,861
$72,311 |
$1,039,263 |
| 6 |
$1,786,530 |
$621,346
$75,928 |
$1,089,256 |
| 7 |
$1,875,810 |
$654,380
$79,722 |
$1,141,708 |
| 8 |
$1,969,647 |
$689,100
$83,710 |
$1,196,837 |
| 9 |
$2,068,134 |
$725,540
$87,896 |
$1,254,698 |
| 10 |
$2,171,550 |
$763,804
$92,291 |
$1,315,455 |
| 11 |
$2,280,081 |
$803,960
$96,903 |
$1,379,218 |
| 12 |
$2,394,099 |
$846,147
$101,749 |
$1,446,203 |
| 13 |
$2,513,790 |
$890,433
$106,836 |
$1,516,521 |
| 14 |
$2,639,526 |
$936,955
$112,180 |
$1,590,391 |
| 15 |
$2,771,493 |
$985,783
$117,788 |
$1,667,922 |
| 16 |
$2,910,063 |
$1,037,054
$123,678 |
$1,749,331 |
| 17 |
$3,055,515 |
$1,090,871
$129,859 |
$1,834,785 |
| 18 |
$3,208,314 |
$1,147,407
$136,353 |
$1,924,554 |
| 19 |
$3,368,739 |
$1,206,764
$143,171 |
$2,018,804 |
| 20 |
$3,537,162 |
$1,269,080
$150,329 |
$2,117,753 |
| 21 |
$3,714,048 |
$1,334,528
$157,847 |
$2,221,673 |
| 22 |
$3,899,769 |
$1,403,245
$165,740 |
$2,330,784 |
| 23 |
$4,094,697 |
$1,475,368
$174,025 |
$2,445,304 |
| 24 |
$4,299,483 |
$1,551,139
$182,728 |
$2,565,616 |
| 25 |
$4,514,406 |
$1,630,661
$191,862 |
$2,691,883 |
| 26 |
$4,740,210 |
$1,714,208
$201,459 |
$2,824,543 |
| 27 |
$4,977,174 |
$1,801,885
$211,530 |
$2,963,759 |
| 28 |
$5,226,042 |
$1,893,966
$222,107 |
$3,109,969 |
| 29 |
$5,487,372 |
$1,990,658
$233,213 |
$3,263,501 |
| 30 |
$5,761,722 |
$2,092,168
$244,873 |
$3,424,681 |
|
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