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 |
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Draw Date | Sat Feb 15, 2025 | Projected Jackpot | $172,000,000 | Cash Value | $79,700,000 |
Lumpsum Option Taxes and Payment |
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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 |
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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 |
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