Michigan Lottery

MILottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 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 Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(4.25%)	$5,002,250
Net Lumpsum Payment	$69,188,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$168,233	$2,365,237
2	$4,156,452	-$1,498,218 -$176,649	$2,481,585
3	$4,364,222	-$1,575,093 -$185,479	$2,603,650
4	$4,582,512	-$1,655,860 -$194,757	$2,731,895
5	$4,811,585	-$1,740,617 -$204,492	$2,866,476
6	$5,052,230	-$1,829,655 -$214,720	$3,007,855
7	$5,304,710	-$1,923,073 -$225,450	$3,156,187
8	$5,570,077	-$2,021,259 -$236,728	$3,312,090
9	$5,848,594	-$2,124,310 -$248,565	$3,475,719
10	$6,141,050	-$2,232,519 -$260,995	$3,647,536
11	$6,447,971	-$2,346,080 -$274,039	$3,827,852
12	$6,770,409	-$2,465,382 -$287,742	$4,017,285
13	$7,108,890	-$2,590,620 -$302,128	$4,216,142
14	$7,464,466	-$2,722,183 -$317,240	$4,425,043
15	$7,837,663	-$2,860,266 -$333,101	$4,644,296
16	$8,229,533	-$3,005,258 -$349,755	$4,874,520
17	$8,640,865	-$3,157,450 -$367,237	$5,116,178
18	$9,072,974	-$3,317,331 -$385,601	$5,370,042
19	$9,526,649	-$3,485,191 -$404,883	$5,636,575
20	$10,002,942	-$3,661,419 -$425,125	$5,916,398
21	$10,503,168	-$3,846,503 -$446,385	$6,210,280
22	$11,028,379	-$4,040,831 -$468,706	$6,518,842
23	$11,579,627	-$4,244,792 -$492,134	$6,842,701
24	$12,158,753	-$4,459,069 -$516,747	$7,182,937
25	$12,766,546	-$4,683,952 -$542,578	$7,540,016
26	$13,405,110	-$4,920,221 -$569,717	$7,915,172
27	$14,075,234	-$5,168,167 -$598,197	$8,308,870
28	$14,779,022	-$5,428,569 -$628,108	$8,722,345
29	$15,518,052	-$5,702,010 -$659,517	$9,156,525
30	$16,293,902	-$5,989,074 -$692,491	$9,612,337