Jackpot Analysis Michigan Powerball

Jackpot Analysis for Michigan Powerball
The jackpot for the Powerball draw on Sat Feb 15, 2025, is projected to be $172 Million, with an option for a cash payout of $79.7 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 Sat Feb 15, 2025
Draw DateSat Feb 15, 2025
Projected Jackpot$172,000,000
Cash Value$79,700,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$79,700,000
Federal Tax(24%)$19,128,000
Additional Federal Tax$10,321,330
State Tax(4.25%)$3,387,250
Net Lumpsum Payment$46,863,420
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $2,588,772 $918,176
$110,023
$1,560,573
2 $2,718,288 $966,097
$115,527
$1,636,664
3 $2,854,168 $1,016,373
$121,302
$1,716,493
4 $2,996,928 $1,069,194
$127,369
$1,800,365
5 $3,146,740 $1,124,624
$133,736
$1,888,380
6 $3,304,120 $1,182,855
$140,425
$1,980,840
7 $3,469,240 $1,243,949
$147,443
$2,077,848
8 $3,642,788 $1,308,162
$154,818
$2,179,808
9 $3,824,936 $1,375,557
$162,560
$2,286,819
10 $4,016,200 $1,446,324
$170,689
$2,399,187
11 $4,216,924 $1,520,592
$179,219
$2,517,113
12 $4,427,796 $1,598,615
$188,181
$2,641,000
13 $4,649,160 $1,680,520
$197,589
$2,771,051
14 $4,881,704 $1,766,561
$207,472
$2,907,671
15 $5,125,772 $1,856,866
$217,845
$3,051,061
16 $5,382,052 $1,951,690
$228,737
$3,201,625
17 $5,651,060 $2,051,223
$240,170
$3,359,667
18 $5,933,656 $2,155,783
$252,180
$3,525,693
19 $6,230,356 $2,265,562
$264,790
$3,700,004
20 $6,541,848 $2,380,814
$278,029
$3,883,005
21 $6,868,992 $2,501,857
$291,932
$4,075,203
22 $7,212,476 $2,628,947
$306,530
$4,276,999
23 $7,572,988 $2,762,336
$321,852
$4,488,800
24 $7,951,732 $2,902,471
$337,949
$4,711,312
25 $8,349,224 $3,049,543
$354,842
$4,944,839
26 $8,766,840 $3,204,061
$372,591
$5,190,188
27 $9,205,096 $3,366,216
$391,217
$5,447,663
28 $9,665,368 $3,536,517
$410,778
$5,718,073
29 $10,148,688 $3,715,345
$431,319
$6,002,024
30 $10,656,088 $3,903,083
$452,884
$6,300,121