The jackpot for the Powerball draw on Wed Jun 24, 2026, is projected to be $327 Million, with an option for a cash payout of $148 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 Wed Jun 24, 2026 |
|---|
| Draw Date | Wed Jun 24, 2026 | | Projected Jackpot | $327,000,000 | | Cash Value | $148,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $148,000,000 | | Federal Tax(24%) | $35,520,000 | | Additional Federal Tax | $19,200,330 | | State Tax(4.25%) | $6,290,000 | | Net Lumpsum Payment | $86,989,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,921,677 |
$1,781,351
$209,171 |
$2,931,155 |
| 2 |
$5,167,908 |
$1,872,456
$219,636 |
$3,075,816 |
| 3 |
$5,426,238 |
$1,968,038
$230,615 |
$3,227,585 |
| 4 |
$5,697,648 |
$2,068,460
$242,150 |
$3,387,038 |
| 5 |
$5,982,465 |
$2,173,842
$254,255 |
$3,554,368 |
| 6 |
$6,281,670 |
$2,284,548
$266,971 |
$3,730,151 |
| 7 |
$6,595,590 |
$2,400,699
$280,313 |
$3,914,578 |
| 8 |
$6,925,533 |
$2,522,778
$294,335 |
$4,108,420 |
| 9 |
$7,271,826 |
$2,650,906
$309,053 |
$4,311,867 |
| 10 |
$7,635,450 |
$2,785,447
$324,507 |
$4,525,496 |
| 11 |
$8,017,059 |
$2,926,642
$340,725 |
$4,749,692 |
| 12 |
$8,417,961 |
$3,074,976
$357,763 |
$4,985,222 |
| 13 |
$8,838,810 |
$3,230,690
$375,649 |
$5,232,471 |
| 14 |
$9,280,914 |
$3,394,269
$394,439 |
$5,492,206 |
| 15 |
$9,744,927 |
$3,565,953
$414,159 |
$5,764,815 |
| 16 |
$10,232,157 |
$3,746,228
$434,867 |
$6,051,062 |
| 17 |
$10,743,585 |
$3,935,457
$456,602 |
$6,351,526 |
| 18 |
$11,280,846 |
$4,134,243
$479,436 |
$6,667,167 |
| 19 |
$11,844,921 |
$4,342,951
$503,409 |
$6,998,561 |
| 20 |
$12,437,118 |
$4,562,064
$528,578 |
$7,346,476 |
| 21 |
$13,059,072 |
$4,792,187
$555,011 |
$7,711,874 |
| 22 |
$13,712,091 |
$5,033,804
$582,764 |
$8,095,523 |
| 23 |
$14,397,483 |
$5,287,399
$611,893 |
$8,498,191 |
| 24 |
$15,117,537 |
$5,553,819
$642,495 |
$8,921,223 |
| 25 |
$15,873,234 |
$5,833,427
$674,612 |
$9,365,195 |
| 26 |
$16,667,190 |
$6,127,191
$708,356 |
$9,831,643 |
| 27 |
$17,500,386 |
$6,435,473
$743,766 |
$10,321,147 |
| 28 |
$18,375,438 |
$6,759,242
$780,956 |
$10,835,240 |
| 29 |
$19,294,308 |
$7,099,224
$820,008 |
$11,375,076 |
| 30 |
$20,258,958 |
$7,456,145
$861,006 |
$11,941,807 |
|
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