The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(4.25%) | $1,530,000 | | Net Lumpsum Payment | $21,189,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$49,254 |
$720,540 |
| 2 |
$1,216,908 |
$410,586
$51,719 |
$754,603 |
| 3 |
$1,277,738 |
$433,093
$54,304 |
$790,341 |
| 4 |
$1,341,648 |
$456,740
$57,020 |
$827,888 |
| 5 |
$1,408,715 |
$481,555
$59,870 |
$867,290 |
| 6 |
$1,479,170 |
$507,623
$62,865 |
$908,682 |
| 7 |
$1,553,090 |
$534,974
$66,006 |
$952,110 |
| 8 |
$1,630,783 |
$563,720
$69,308 |
$997,755 |
| 9 |
$1,712,326 |
$593,891
$72,774 |
$1,045,661 |
| 10 |
$1,797,950 |
$625,572
$76,413 |
$1,095,965 |
| 11 |
$1,887,809 |
$658,820
$80,232 |
$1,148,757 |
| 12 |
$1,982,211 |
$693,748
$84,244 |
$1,204,219 |
| 13 |
$2,081,310 |
$730,415
$88,456 |
$1,262,439 |
| 14 |
$2,185,414 |
$768,934
$92,880 |
$1,323,600 |
| 15 |
$2,294,677 |
$809,361
$97,524 |
$1,387,792 |
| 16 |
$2,409,407 |
$851,811
$102,400 |
$1,455,196 |
| 17 |
$2,529,835 |
$896,369
$107,518 |
$1,525,948 |
| 18 |
$2,656,346 |
$943,178
$112,895 |
$1,600,273 |
| 19 |
$2,789,171 |
$992,324
$118,540 |
$1,678,307 |
| 20 |
$2,928,618 |
$1,043,919
$124,466 |
$1,760,233 |
| 21 |
$3,075,072 |
$1,098,107
$130,691 |
$1,846,274 |
| 22 |
$3,228,841 |
$1,155,002
$137,226 |
$1,936,613 |
| 23 |
$3,390,233 |
$1,214,717
$144,085 |
$2,031,431 |
| 24 |
$3,559,787 |
$1,277,452
$151,291 |
$2,131,044 |
| 25 |
$3,737,734 |
$1,343,292
$158,854 |
$2,235,588 |
| 26 |
$3,924,690 |
$1,412,466
$166,799 |
$2,345,425 |
| 27 |
$4,120,886 |
$1,485,058
$175,138 |
$2,460,690 |
| 28 |
$4,326,938 |
$1,561,297
$183,895 |
$2,581,746 |
| 29 |
$4,543,308 |
$1,641,354
$193,091 |
$2,708,863 |
| 30 |
$4,770,458 |
$1,725,400
$202,744 |
$2,842,314 |
|
|
