The jackpot for the Powerball draw on Wed Aug 13, 2025, is projected to be $526 Million, with an option for a cash payout of $241 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 Aug 13, 2025 |
|---|
| Draw Date | Wed Aug 13, 2025 | | Projected Jackpot | $526,000,000 | | Cash Value | $241,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $241,000,000 | | Federal Tax(24%) | $57,840,000 | | Additional Federal Tax | $31,290,330 | | State Tax(4.25%) | $10,242,500 | | Net Lumpsum Payment | $141,627,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,916,826 |
$2,889,556
$336,465 |
$4,690,805 |
| 2 |
$8,312,904 |
$3,036,105
$353,298 |
$4,923,501 |
| 3 |
$8,728,444 |
$3,189,855
$370,959 |
$5,167,630 |
| 4 |
$9,165,024 |
$3,351,389
$389,514 |
$5,424,121 |
| 5 |
$9,623,170 |
$3,520,903
$408,985 |
$5,693,282 |
| 6 |
$10,104,460 |
$3,698,981
$429,440 |
$5,976,039 |
| 7 |
$10,609,420 |
$3,885,816
$450,900 |
$6,272,704 |
| 8 |
$11,140,154 |
$4,082,187
$473,457 |
$6,584,510 |
| 9 |
$11,697,188 |
$4,288,290
$497,130 |
$6,911,768 |
| 10 |
$12,282,100 |
$4,504,707
$521,989 |
$7,255,404 |
| 11 |
$12,895,942 |
$4,731,829
$548,078 |
$7,616,035 |
| 12 |
$13,540,818 |
$4,970,433
$575,485 |
$7,994,900 |
| 13 |
$14,217,780 |
$5,220,909
$604,256 |
$8,392,615 |
| 14 |
$14,928,932 |
$5,484,035
$634,480 |
$8,810,417 |
| 15 |
$15,675,326 |
$5,760,201
$666,201 |
$9,248,924 |
| 16 |
$16,459,066 |
$6,050,185
$699,510 |
$9,709,371 |
| 17 |
$17,281,730 |
$6,354,570
$734,474 |
$10,192,686 |
| 18 |
$18,145,948 |
$6,674,331
$771,203 |
$10,700,414 |
| 19 |
$19,053,298 |
$7,010,051
$809,765 |
$11,233,482 |
| 20 |
$20,005,884 |
$7,362,507
$850,250 |
$11,793,127 |
| 21 |
$21,006,336 |
$7,732,675
$892,769 |
$12,380,892 |
| 22 |
$22,056,758 |
$8,121,331
$937,412 |
$12,998,015 |
| 23 |
$23,159,254 |
$8,529,254
$984,268 |
$13,645,732 |
| 24 |
$24,317,506 |
$8,957,808
$1,033,494 |
$14,326,204 |
| 25 |
$25,533,092 |
$9,407,574
$1,085,156 |
$15,040,362 |
| 26 |
$26,810,220 |
$9,880,112
$1,139,434 |
$15,790,674 |
| 27 |
$28,150,468 |
$10,376,004
$1,196,395 |
$16,578,069 |
| 28 |
$29,558,044 |
$10,896,807
$1,256,217 |
$17,405,020 |
| 29 |
$31,036,104 |
$11,443,689
$1,319,034 |
$18,273,381 |
| 30 |
$32,587,804 |
$12,017,818
$1,384,982 |
$19,185,004 |
|
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