Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Michigan, your state will take 4.25% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Michigan Powerball Jackpot/Cash Option for Sat Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(4.25%)	$4,211,750
Net Lumpsum Payment	$58,260,920

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$124,735	$1,763,950
2	$3,081,780	-$1,100,589 -$130,976	$1,850,215
3	$3,235,830	-$1,157,587 -$137,523	$1,940,720
4	$3,397,680	-$1,217,472 -$144,401	$2,035,807
5	$3,567,525	-$1,280,315 -$151,620	$2,135,590
6	$3,745,950	-$1,346,332 -$159,203	$2,240,415
7	$3,933,150	-$1,415,596 -$167,159	$2,350,395
8	$4,129,905	-$1,488,395 -$175,521	$2,465,989
9	$4,336,410	-$1,564,802 -$184,297	$2,587,311
10	$4,553,250	-$1,645,033 -$193,513	$2,714,704
11	$4,780,815	-$1,729,232 -$203,185	$2,848,398
12	$5,019,885	-$1,817,688 -$213,345	$2,988,852
13	$5,270,850	-$1,910,545 -$224,011	$3,136,294
14	$5,534,490	-$2,008,092 -$235,216	$3,291,182
15	$5,811,195	-$2,110,473 -$246,976	$3,453,746
16	$6,101,745	-$2,217,976 -$259,324	$3,624,445
17	$6,406,725	-$2,330,819 -$272,286	$3,803,620
18	$6,727,110	-$2,449,361 -$285,902	$3,991,847
19	$7,063,485	-$2,573,820 -$300,198	$4,189,467
20	$7,416,630	-$2,704,483 -$315,207	$4,396,940
21	$7,787,520	-$2,841,713 -$330,970	$4,614,837
22	$8,176,935	-$2,985,796 -$347,520	$4,843,619
23	$8,585,655	-$3,137,023 -$364,890	$5,083,742
24	$9,015,045	-$3,295,897 -$383,139	$5,336,009
25	$9,465,690	-$3,462,636 -$402,292	$5,600,762
26	$9,939,150	-$3,637,816 -$422,414	$5,878,920
27	$10,436,010	-$3,821,654 -$443,530	$6,170,826
28	$10,957,830	-$4,014,727 -$465,708	$6,477,395
29	$11,505,780	-$4,217,469 -$488,996	$6,799,315
30	$12,081,030	-$4,430,311 -$513,444	$7,137,275