The jackpot for the Powerball draw on Wed Jul 2, 2025, is projected to be $174 Million, with an option for a cash payout of $79.7 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 2, 2025 |
|---|
| Draw Date | Wed Jul 2, 2025 | | Projected Jackpot | $174,000,000 | | Cash Value | $79,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $79,700,000 | | Federal Tax(24%) | $19,128,000 | | Additional Federal Tax | $10,321,330 | | State Tax(4.25%) | $3,387,250 | | Net Lumpsum Payment | $46,863,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,618,874 |
$929,314
$111,302 |
$1,578,258 |
| 2 |
$2,749,896 |
$977,792
$116,871 |
$1,655,233 |
| 3 |
$2,887,356 |
$1,028,652
$122,713 |
$1,735,991 |
| 4 |
$3,031,776 |
$1,082,088
$128,850 |
$1,820,838 |
| 5 |
$3,183,330 |
$1,138,162
$135,292 |
$1,909,876 |
| 6 |
$3,342,540 |
$1,197,070
$142,058 |
$2,003,412 |
| 7 |
$3,509,580 |
$1,258,875
$149,157 |
$2,101,548 |
| 8 |
$3,685,146 |
$1,323,834
$156,619 |
$2,204,693 |
| 9 |
$3,869,412 |
$1,392,013
$164,450 |
$2,312,949 |
| 10 |
$4,062,900 |
$1,463,603
$172,673 |
$2,426,624 |
| 11 |
$4,265,958 |
$1,538,735
$181,303 |
$2,545,920 |
| 12 |
$4,479,282 |
$1,617,665
$190,369 |
$2,671,248 |
| 13 |
$4,703,220 |
$1,700,522
$199,887 |
$2,802,811 |
| 14 |
$4,938,468 |
$1,787,564
$209,885 |
$2,941,019 |
| 15 |
$5,185,374 |
$1,878,919
$220,378 |
$3,086,077 |
| 16 |
$5,444,634 |
$1,974,845
$231,397 |
$3,238,392 |
| 17 |
$5,716,770 |
$2,075,535
$242,963 |
$3,398,272 |
| 18 |
$6,002,652 |
$2,181,312
$255,113 |
$3,566,227 |
| 19 |
$6,302,802 |
$2,292,367
$267,869 |
$3,742,566 |
| 20 |
$6,617,916 |
$2,408,959
$281,261 |
$3,927,696 |
| 21 |
$6,948,864 |
$2,531,410
$295,327 |
$4,122,127 |
| 22 |
$7,296,342 |
$2,659,977
$310,095 |
$4,326,270 |
| 23 |
$7,661,046 |
$2,794,917
$325,594 |
$4,540,535 |
| 24 |
$8,044,194 |
$2,936,682
$341,878 |
$4,765,634 |
| 25 |
$8,446,308 |
$3,085,464
$358,968 |
$5,001,876 |
| 26 |
$8,868,780 |
$3,241,779
$376,923 |
$5,250,078 |
| 27 |
$9,312,132 |
$3,405,819
$395,766 |
$5,510,547 |
| 28 |
$9,777,756 |
$3,578,100
$415,555 |
$5,784,101 |
| 29 |
$10,266,696 |
$3,759,008
$436,335 |
$6,071,353 |
| 30 |
$10,779,996 |
$3,948,929
$458,150 |
$6,372,917 |
|
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