The jackpot for the Powerball draw on Mon Jun 23, 2025, is projected to be $128 Million, with an option for a cash payout of $57.6 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 Mon Jun 23, 2025 |
|---|
| Draw Date | Mon Jun 23, 2025 | | Projected Jackpot | $128,000,000 | | Cash Value | $57,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $57,600,000 | | Federal Tax(24%) | $13,824,000 | | Additional Federal Tax | $7,448,330 | | State Tax(4.25%) | $2,448,000 | | Net Lumpsum Payment | $33,879,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,926,528 |
$673,146
$81,877 |
$1,171,505 |
| 2 |
$2,022,912 |
$708,808
$85,974 |
$1,228,130 |
| 3 |
$2,124,032 |
$746,222
$90,271 |
$1,287,539 |
| 4 |
$2,230,272 |
$785,531
$94,787 |
$1,349,954 |
| 5 |
$2,341,760 |
$826,782
$99,525 |
$1,415,453 |
| 6 |
$2,458,880 |
$870,116
$104,502 |
$1,484,262 |
| 7 |
$2,581,760 |
$915,582
$109,725 |
$1,556,453 |
| 8 |
$2,710,912 |
$963,368
$115,214 |
$1,632,330 |
| 9 |
$2,846,464 |
$1,013,522
$120,975 |
$1,711,967 |
| 10 |
$2,988,800 |
$1,066,186
$127,024 |
$1,795,590 |
| 11 |
$3,138,176 |
$1,121,456
$133,372 |
$1,883,348 |
| 12 |
$3,295,104 |
$1,179,519
$140,042 |
$1,975,543 |
| 13 |
$3,459,840 |
$1,240,471
$147,043 |
$2,072,326 |
| 14 |
$3,632,896 |
$1,304,502
$154,398 |
$2,173,996 |
| 15 |
$3,814,528 |
$1,371,706
$162,117 |
$2,280,705 |
| 16 |
$4,005,248 |
$1,442,272
$170,223 |
$2,392,753 |
| 17 |
$4,205,440 |
$1,516,343
$178,731 |
$2,510,366 |
| 18 |
$4,415,744 |
$1,594,156
$187,669 |
$2,633,919 |
| 19 |
$4,636,544 |
$1,675,852
$197,053 |
$2,763,639 |
| 20 |
$4,868,352 |
$1,761,621
$206,905 |
$2,899,826 |
| 21 |
$5,111,808 |
$1,851,699
$217,252 |
$3,042,857 |
| 22 |
$5,367,424 |
$1,946,277
$228,116 |
$3,193,031 |
| 23 |
$5,635,712 |
$2,045,544
$239,518 |
$3,350,650 |
| 24 |
$5,917,568 |
$2,149,831
$251,497 |
$3,516,240 |
| 25 |
$6,213,376 |
$2,259,280
$264,068 |
$3,690,028 |
| 26 |
$6,524,160 |
$2,374,270
$277,277 |
$3,872,613 |
| 27 |
$6,850,304 |
$2,494,943
$291,138 |
$4,064,223 |
| 28 |
$7,192,832 |
$2,621,678
$305,695 |
$4,265,459 |
| 29 |
$7,552,512 |
$2,754,760
$320,982 |
$4,476,770 |
| 30 |
$7,930,112 |
$2,894,472
$337,030 |
$4,698,610 |
|
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