The jackpot for the Powerball draw on Sat Dec 28, 2024, is projected to be $145 Million, with an option for a cash payout of $66.2 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 Dec 28, 2024 |
|---|
| Draw Date | Sat Dec 28, 2024 | | Projected Jackpot | $145,000,000 | | Cash Value | $66,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $66,200,000 | | Federal Tax(24%) | $15,888,000 | | Additional Federal Tax | $8,566,330 | | State Tax(4.25%) | $2,813,500 | | Net Lumpsum Payment | $38,932,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,182,395 |
$767,817
$92,752 |
$1,321,826 |
| 2 |
$2,291,580 |
$808,215
$97,392 |
$1,385,973 |
| 3 |
$2,406,130 |
$850,598
$102,261 |
$1,453,271 |
| 4 |
$2,526,480 |
$895,128
$107,375 |
$1,523,977 |
| 5 |
$2,652,775 |
$941,857
$112,743 |
$1,598,175 |
| 6 |
$2,785,450 |
$990,947
$118,382 |
$1,676,121 |
| 7 |
$2,924,650 |
$1,042,451
$124,298 |
$1,757,901 |
| 8 |
$3,070,955 |
$1,096,584
$130,516 |
$1,843,855 |
| 9 |
$3,224,510 |
$1,153,399
$137,042 |
$1,934,069 |
| 10 |
$3,385,750 |
$1,213,058
$143,894 |
$2,028,798 |
| 11 |
$3,554,965 |
$1,275,667
$151,086 |
$2,128,212 |
| 12 |
$3,732,735 |
$1,341,442
$158,641 |
$2,232,652 |
| 13 |
$3,919,350 |
$1,410,490
$166,572 |
$2,342,288 |
| 14 |
$4,115,390 |
$1,483,025
$174,904 |
$2,457,461 |
| 15 |
$4,321,145 |
$1,559,154
$183,649 |
$2,578,342 |
| 16 |
$4,537,195 |
$1,639,093
$192,831 |
$2,705,271 |
| 17 |
$4,763,975 |
$1,723,001
$202,469 |
$2,838,505 |
| 18 |
$5,002,210 |
$1,811,148
$212,594 |
$2,978,468 |
| 19 |
$5,252,335 |
$1,903,694
$223,224 |
$3,125,417 |
| 20 |
$5,514,930 |
$2,000,854
$234,385 |
$3,279,691 |
| 21 |
$5,790,720 |
$2,102,897
$246,106 |
$3,441,717 |
| 22 |
$6,080,285 |
$2,210,036
$258,412 |
$3,611,837 |
| 23 |
$6,384,205 |
$2,322,486
$271,329 |
$3,790,390 |
| 24 |
$6,703,495 |
$2,440,624
$284,899 |
$3,977,972 |
| 25 |
$7,038,590 |
$2,564,609
$299,140 |
$4,174,841 |
| 26 |
$7,390,650 |
$2,694,871
$314,103 |
$4,381,676 |
| 27 |
$7,760,110 |
$2,831,571
$329,805 |
$4,598,734 |
| 28 |
$8,148,130 |
$2,975,138
$346,296 |
$4,826,696 |
| 29 |
$8,555,580 |
$3,125,895
$363,612 |
$5,066,073 |
| 30 |
$8,983,330 |
$3,284,162
$381,792 |
$5,317,376 |
|
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