The jackpot for the Powerball draw on Wed Jul 1, 2026, is projected to be $375 Million, with an option for a cash payout of $170.6 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 Jul 1, 2026 |
|---|
| Draw Date | Wed Jul 1, 2026 | | Projected Jackpot | $375,000,000 | | Cash Value | $170,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $170,600,000 | | Federal Tax(24%) | $40,944,000 | | Additional Federal Tax | $22,138,330 | | State Tax(4.25%) | $7,250,500 | | Net Lumpsum Payment | $100,267,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,644,125 |
$2,048,657
$239,875 |
$3,355,593 |
| 2 |
$5,926,500 |
$2,153,135
$251,876 |
$3,521,489 |
| 3 |
$6,222,750 |
$2,262,748
$264,467 |
$3,695,535 |
| 4 |
$6,534,000 |
$2,377,910
$277,695 |
$3,878,395 |
| 5 |
$6,860,625 |
$2,498,762
$291,577 |
$4,070,286 |
| 6 |
$7,203,750 |
$2,625,718
$306,159 |
$4,271,873 |
| 7 |
$7,563,750 |
$2,758,918
$321,459 |
$4,483,373 |
| 8 |
$7,942,125 |
$2,898,917
$337,540 |
$4,705,668 |
| 9 |
$8,339,250 |
$3,045,853
$354,418 |
$4,938,979 |
| 10 |
$8,756,250 |
$3,200,143
$372,141 |
$5,183,966 |
| 11 |
$9,193,875 |
$3,362,064
$390,740 |
$5,441,071 |
| 12 |
$9,653,625 |
$3,532,172
$410,279 |
$5,711,174 |
| 13 |
$10,136,250 |
$3,710,743
$430,791 |
$5,994,716 |
| 14 |
$10,643,250 |
$3,898,333
$452,338 |
$6,292,579 |
| 15 |
$11,175,375 |
$4,095,219
$474,953 |
$6,605,203 |
| 16 |
$11,734,125 |
$4,301,957
$498,700 |
$6,933,468 |
| 17 |
$12,320,625 |
$4,518,962
$523,627 |
$7,278,036 |
| 18 |
$12,936,750 |
$4,746,928
$549,812 |
$7,640,010 |
| 19 |
$13,583,625 |
$4,986,272
$577,304 |
$8,020,049 |
| 20 |
$14,262,750 |
$5,237,548
$606,167 |
$8,419,035 |
| 21 |
$14,976,000 |
$5,501,450
$636,480 |
$8,838,070 |
| 22 |
$15,724,875 |
$5,778,534
$668,307 |
$9,278,034 |
| 23 |
$16,510,875 |
$6,069,354
$701,712 |
$9,739,809 |
| 24 |
$17,336,625 |
$6,374,882
$736,807 |
$10,224,936 |
| 25 |
$18,203,250 |
$6,695,533
$773,638 |
$10,734,079 |
| 26 |
$19,113,750 |
$7,032,418
$812,334 |
$11,268,998 |
| 27 |
$20,069,250 |
$7,385,953
$852,943 |
$11,830,354 |
| 28 |
$21,072,750 |
$7,757,248
$895,592 |
$12,419,910 |
| 29 |
$22,126,500 |
$8,147,135
$940,376 |
$13,038,989 |
| 30 |
$23,232,750 |
$8,556,448
$987,392 |
$13,688,910 |
|
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