The jackpot for the Powerball draw on Wed Jan 29, 2025, is projected to be $69 Million, with an option for a cash payout of $30.7 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 Jan 29, 2025 |
|---|
| Draw Date | Wed Jan 29, 2025 | | Projected Jackpot | $69,000,000 | | Cash Value | $30,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $30,700,000 | | Federal Tax(24%) | $7,368,000 | | Additional Federal Tax | $3,951,330 | | State Tax(4.25%) | $1,304,750 | | Net Lumpsum Payment | $18,075,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,038,519 |
$344,582
$44,137 |
$649,800 |
| 2 |
$1,090,476 |
$363,807
$46,345 |
$680,324 |
| 3 |
$1,144,986 |
$383,975
$48,662 |
$712,349 |
| 4 |
$1,202,256 |
$405,165
$51,096 |
$745,995 |
| 5 |
$1,262,355 |
$427,402
$53,650 |
$781,303 |
| 6 |
$1,325,490 |
$450,762
$56,333 |
$818,395 |
| 7 |
$1,391,730 |
$475,270
$59,149 |
$857,311 |
| 8 |
$1,461,351 |
$501,030
$62,107 |
$898,214 |
| 9 |
$1,534,422 |
$528,067
$65,213 |
$941,142 |
| 10 |
$1,611,150 |
$556,456
$68,474 |
$986,220 |
| 11 |
$1,691,673 |
$586,249
$71,896 |
$1,033,528 |
| 12 |
$1,776,267 |
$617,549
$75,491 |
$1,083,227 |
| 13 |
$1,865,070 |
$650,406
$79,265 |
$1,135,399 |
| 14 |
$1,958,358 |
$684,923
$83,230 |
$1,190,205 |
| 15 |
$2,056,269 |
$721,150
$87,391 |
$1,247,728 |
| 16 |
$2,159,079 |
$759,190
$91,761 |
$1,308,128 |
| 17 |
$2,266,995 |
$799,119
$96,347 |
$1,371,529 |
| 18 |
$2,380,362 |
$841,064
$101,165 |
$1,438,133 |
| 19 |
$2,499,387 |
$885,104
$106,224 |
$1,508,059 |
| 20 |
$2,624,346 |
$931,338
$111,535 |
$1,581,473 |
| 21 |
$2,755,584 |
$979,896
$117,112 |
$1,658,576 |
| 22 |
$2,893,377 |
$1,030,880
$122,969 |
$1,739,528 |
| 23 |
$3,038,001 |
$1,084,391
$129,115 |
$1,824,495 |
| 24 |
$3,189,939 |
$1,140,608
$135,572 |
$1,913,759 |
| 25 |
$3,349,398 |
$1,199,608
$142,349 |
$2,007,441 |
| 26 |
$3,516,930 |
$1,261,594
$149,470 |
$2,105,866 |
| 27 |
$3,692,742 |
$1,326,645
$156,942 |
$2,209,155 |
| 28 |
$3,877,386 |
$1,394,963
$164,789 |
$2,317,634 |
| 29 |
$4,071,276 |
$1,466,703
$173,029 |
$2,431,544 |
| 30 |
$4,274,826 |
$1,542,016
$181,680 |
$2,551,130 |
|
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