The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(4.25%) | $862,750 | | Net Lumpsum Payment | $11,965,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$28,145 |
$428,738 |
| 2 |
$695,376 |
$217,620
$29,553 |
$448,203 |
| 3 |
$730,136 |
$230,481
$31,031 |
$468,624 |
| 4 |
$766,656 |
$243,993
$32,583 |
$490,080 |
| 5 |
$804,980 |
$258,173
$34,212 |
$512,595 |
| 6 |
$845,240 |
$273,069
$35,923 |
$536,248 |
| 7 |
$887,480 |
$288,698
$37,718 |
$561,064 |
| 8 |
$931,876 |
$305,125
$39,605 |
$587,146 |
| 9 |
$978,472 |
$322,365
$41,585 |
$614,522 |
| 10 |
$1,027,400 |
$340,468
$43,665 |
$643,267 |
| 11 |
$1,078,748 |
$359,467
$45,847 |
$673,434 |
| 12 |
$1,132,692 |
$379,426
$48,139 |
$705,127 |
| 13 |
$1,189,320 |
$400,379
$50,546 |
$738,395 |
| 14 |
$1,248,808 |
$422,389
$53,074 |
$773,345 |
| 15 |
$1,311,244 |
$445,491
$55,728 |
$810,025 |
| 16 |
$1,376,804 |
$469,748
$58,514 |
$848,542 |
| 17 |
$1,445,620 |
$495,210
$61,439 |
$888,971 |
| 18 |
$1,517,912 |
$521,958
$64,511 |
$931,443 |
| 19 |
$1,593,812 |
$550,041
$67,737 |
$976,034 |
| 20 |
$1,673,496 |
$579,524
$71,124 |
$1,022,848 |
| 21 |
$1,757,184 |
$610,488
$74,680 |
$1,072,016 |
| 22 |
$1,845,052 |
$643,000
$78,415 |
$1,123,637 |
| 23 |
$1,937,276 |
$677,123
$82,334 |
$1,177,819 |
| 24 |
$2,034,164 |
$712,971
$86,452 |
$1,234,741 |
| 25 |
$2,135,848 |
$750,594
$90,774 |
$1,294,480 |
| 26 |
$2,242,680 |
$790,122
$95,314 |
$1,357,244 |
| 27 |
$2,354,792 |
$831,603
$100,079 |
$1,423,110 |
| 28 |
$2,472,536 |
$875,169
$105,083 |
$1,492,284 |
| 29 |
$2,596,176 |
$920,916
$110,337 |
$1,564,923 |
| 30 |
$2,725,976 |
$968,942
$115,854 |
$1,641,180 |
|
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