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 Date | Sat 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 |
|
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