The jackpot for the Powerball draw on Sat Aug 30, 2025, is projected to be $950 Million, with an option for a cash payout of $428.9 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 Aug 30, 2025 |
|---|
| Draw Date | Sat Aug 30, 2025 | | Projected Jackpot | $950,000,000 | | Cash Value | $428,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $428,900,000 | | Federal Tax(24%) | $102,936,000 | | Additional Federal Tax | $55,717,330 | | State Tax(4.25%) | $18,228,250 | | Net Lumpsum Payment | $252,018,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,298,450 |
$5,250,757
$607,684 |
$8,440,009 |
| 2 |
$15,013,800 |
$5,515,436
$638,087 |
$8,860,277 |
| 3 |
$15,764,300 |
$5,793,121
$669,983 |
$9,301,196 |
| 4 |
$16,552,800 |
$6,084,866
$703,494 |
$9,764,440 |
| 5 |
$17,380,250 |
$6,391,023
$738,661 |
$10,250,566 |
| 6 |
$18,249,500 |
$6,712,645
$775,604 |
$10,761,251 |
| 7 |
$19,161,500 |
$7,050,085
$814,364 |
$11,297,051 |
| 8 |
$20,120,050 |
$7,404,749
$855,102 |
$11,860,199 |
| 9 |
$21,126,100 |
$7,776,987
$897,859 |
$12,451,254 |
| 10 |
$22,182,500 |
$8,167,855
$942,756 |
$13,071,889 |
| 11 |
$23,291,150 |
$8,578,056
$989,874 |
$13,723,220 |
| 12 |
$24,455,850 |
$9,008,995
$1,039,374 |
$14,407,481 |
| 13 |
$25,678,500 |
$9,461,375
$1,091,336 |
$15,125,789 |
| 14 |
$26,962,900 |
$9,936,603
$1,145,923 |
$15,880,374 |
| 15 |
$28,310,950 |
$10,435,382
$1,203,215 |
$16,672,353 |
| 16 |
$29,726,450 |
$10,959,117
$1,263,374 |
$17,503,959 |
| 17 |
$31,212,250 |
$11,508,863
$1,326,521 |
$18,376,866 |
| 18 |
$32,773,100 |
$12,086,377
$1,392,857 |
$19,293,866 |
| 19 |
$34,411,850 |
$12,692,715
$1,462,504 |
$20,256,631 |
| 20 |
$36,132,300 |
$13,329,281
$1,535,623 |
$21,267,396 |
| 21 |
$37,939,200 |
$13,997,834
$1,612,416 |
$22,328,950 |
| 22 |
$39,836,350 |
$14,699,780
$1,693,045 |
$23,443,525 |
| 23 |
$41,827,550 |
$15,436,524
$1,777,671 |
$24,613,355 |
| 24 |
$43,919,450 |
$16,210,527
$1,866,577 |
$25,842,346 |
| 25 |
$46,114,900 |
$17,022,843
$1,959,883 |
$27,132,174 |
| 26 |
$48,421,500 |
$17,876,285
$2,057,914 |
$28,487,301 |
| 27 |
$50,842,100 |
$18,771,907
$2,160,789 |
$29,909,404 |
| 28 |
$53,384,300 |
$19,712,521
$2,268,833 |
$31,402,946 |
| 29 |
$56,053,800 |
$20,700,236
$2,382,287 |
$32,971,277 |
| 30 |
$58,856,300 |
$21,737,161
$2,501,393 |
$34,617,746 |
|
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