The jackpot for the Powerball draw on Wed Mar 12, 2025, is projected to be $353 Million, with an option for a cash payout of $165.7 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 Mar 12, 2025 |
|---|
| Draw Date | Wed Mar 12, 2025 | | Projected Jackpot | $353,000,000 | | Cash Value | $165,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,700,000 | | Federal Tax(24%) | $39,768,000 | | Additional Federal Tax | $21,501,330 | | State Tax(4.25%) | $7,042,250 | | Net Lumpsum Payment | $97,388,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$225,803 |
$3,161,059 |
| 2 |
$5,578,812 |
$2,024,491
$237,100 |
$3,317,221 |
| 3 |
$5,857,682 |
$2,127,673
$248,951 |
$3,481,058 |
| 4 |
$6,150,672 |
$2,236,079
$261,404 |
$3,653,189 |
| 5 |
$6,458,135 |
$2,349,840
$274,471 |
$3,833,824 |
| 6 |
$6,781,130 |
$2,469,348
$288,198 |
$4,023,584 |
| 7 |
$7,120,010 |
$2,594,734
$302,600 |
$4,222,676 |
| 8 |
$7,476,187 |
$2,726,520
$317,738 |
$4,431,929 |
| 9 |
$7,850,014 |
$2,864,836
$333,626 |
$4,651,552 |
| 10 |
$8,242,550 |
$3,010,074
$350,308 |
$4,882,168 |
| 11 |
$8,654,501 |
$3,162,496
$367,816 |
$5,124,189 |
| 12 |
$9,087,279 |
$3,322,624
$386,209 |
$5,378,446 |
| 13 |
$9,541,590 |
$3,490,719
$405,518 |
$5,645,353 |
| 14 |
$10,018,846 |
$3,667,303
$425,801 |
$5,925,742 |
| 15 |
$10,519,753 |
$3,852,639
$447,090 |
$6,220,024 |
| 16 |
$11,045,723 |
$4,047,248
$469,443 |
$6,529,032 |
| 17 |
$11,597,815 |
$4,251,522
$492,907 |
$6,853,386 |
| 18 |
$12,177,794 |
$4,466,114
$517,556 |
$7,194,124 |
| 19 |
$12,786,719 |
$4,691,416
$543,436 |
$7,551,867 |
| 20 |
$13,426,002 |
$4,927,951
$570,605 |
$7,927,446 |
| 21 |
$14,097,408 |
$5,176,371
$599,140 |
$8,321,897 |
| 22 |
$14,802,349 |
$5,437,200
$629,100 |
$8,736,049 |
| 23 |
$15,542,237 |
$5,710,958
$660,545 |
$9,170,734 |
| 24 |
$16,319,543 |
$5,998,561
$693,581 |
$9,627,401 |
| 25 |
$17,135,326 |
$6,300,401
$728,251 |
$10,106,674 |
| 26 |
$17,992,410 |
$6,617,522
$764,677 |
$10,610,211 |
| 27 |
$18,891,854 |
$6,950,316
$802,904 |
$11,138,634 |
| 28 |
$19,836,482 |
$7,299,829
$843,050 |
$11,693,603 |
| 29 |
$20,828,412 |
$7,666,843
$885,208 |
$12,276,361 |
| 30 |
$21,869,762 |
$8,052,142
$929,465 |
$12,888,155 |
|
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