Jackpot Analysis Michigan Powerball

Jackpot Analysis for Michigan Powerball
The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 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 Sat Nov 2, 2024
Draw DateSat Nov 2, 2024
Projected Jackpot$54,000,000
Cash Value$25,800,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$25,800,000
Federal Tax(24%)$6,192,000
Additional Federal Tax$3,314,330
State Tax(4.25%)$1,096,500
Net Lumpsum Payment$15,197,170
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $812,754 $261,049
$34,542
$517,163
2 $853,416 $276,094
$36,270
$541,052
3 $896,076 $291,879
$38,083
$566,114
4 $940,896 $308,462
$39,988
$592,446
5 $987,930 $325,864
$41,987
$620,079
6 $1,037,340 $344,146
$44,087
$649,107
7 $1,089,180 $363,327
$46,290
$679,563
8 $1,143,666 $383,487
$48,606
$711,573
9 $1,200,852 $404,646
$51,036
$745,170
10 $1,260,900 $426,863
$53,588
$780,449
11 $1,323,918 $450,180
$56,267
$817,471
12 $1,390,122 $474,676
$59,080
$856,366
13 $1,459,620 $500,390
$62,034
$897,196
14 $1,532,628 $527,403
$65,137
$940,088
15 $1,609,254 $555,754
$68,393
$985,107
16 $1,689,714 $585,525
$71,813
$1,032,376
17 $1,774,170 $616,773
$75,402
$1,081,995
18 $1,862,892 $649,600
$79,173
$1,134,119
19 $1,956,042 $684,066
$83,132
$1,188,844
20 $2,053,836 $720,250
$87,288
$1,246,298
21 $2,156,544 $758,252
$91,653
$1,306,639
22 $2,264,382 $798,152
$96,236
$1,369,994
23 $2,377,566 $840,030
$101,047
$1,436,489
24 $2,496,474 $884,026
$106,100
$1,506,348
25 $2,621,268 $930,200
$111,404
$1,579,664
26 $2,752,380 $978,711
$116,976
$1,656,693
27 $2,889,972 $1,029,620
$122,824
$1,737,528
28 $3,034,476 $1,083,087
$128,965
$1,822,424
29 $3,186,216 $1,139,230
$135,414
$1,911,572
30 $3,345,516 $1,198,171
$142,184
$2,005,161