The jackpot for the Powerball draw on Mon Oct 20, 2025, is projected to be $304 Million, with an option for a cash payout of $144.6 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 Oct 20, 2025 |
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Draw Date | Mon Oct 20, 2025 | Projected Jackpot | $304,000,000 | Cash Value | $144,600,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $144,600,000 | Federal Tax(24%) | $34,704,000 | Additional Federal Tax | $18,758,330 | State Tax(4.25%) | $6,145,500 | Net Lumpsum Payment | $84,992,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$4,575,504 |
$1,653,267 $194,459 |
$2,727,778 |
2 |
$4,804,416 |
$1,737,964 $204,188 |
$2,862,264 |
3 |
$5,044,576 |
$1,826,824 $214,394 |
$3,003,358 |
4 |
$5,296,896 |
$1,920,182 $225,118 |
$3,151,596 |
5 |
$5,561,680 |
$2,018,152 $236,371 |
$3,307,157 |
6 |
$5,839,840 |
$2,121,071 $248,193 |
$3,470,576 |
7 |
$6,131,680 |
$2,229,052 $260,596 |
$3,642,032 |
8 |
$6,438,416 |
$2,342,544 $273,633 |
$3,822,239 |
9 |
$6,760,352 |
$2,461,661 $287,315 |
$4,011,376 |
10 |
$7,098,400 |
$2,586,738 $301,682 |
$4,209,980 |
11 |
$7,453,168 |
$2,718,003 $316,760 |
$4,418,405 |
12 |
$7,825,872 |
$2,855,903 $332,600 |
$4,637,369 |
13 |
$8,217,120 |
$3,000,665 $349,228 |
$4,867,227 |
14 |
$8,628,128 |
$3,152,738 $366,695 |
$5,108,695 |
15 |
$9,059,504 |
$3,312,347 $385,029 |
$5,362,128 |
16 |
$9,512,464 |
$3,479,942 $404,280 |
$5,628,242 |
17 |
$9,987,920 |
$3,655,861 $424,487 |
$5,907,572 |
18 |
$10,487,392 |
$3,840,665 $445,714 |
$6,201,013 |
19 |
$11,011,792 |
$4,034,693 $468,001 |
$6,509,098 |
20 |
$11,562,336 |
$4,238,395 $491,399 |
$6,832,542 |
21 |
$12,140,544 |
$4,452,332 $515,973 |
$7,172,239 |
22 |
$12,747,632 |
$4,676,954 $541,774 |
$7,528,904 |
23 |
$13,384,816 |
$4,912,712 $568,855 |
$7,903,249 |
24 |
$14,054,224 |
$5,160,393 $597,305 |
$8,296,526 |
25 |
$14,756,768 |
$5,420,335 $627,163 |
$8,709,270 |
26 |
$15,494,880 |
$5,693,436 $658,532 |
$9,142,912 |
27 |
$16,269,472 |
$5,980,035 $691,453 |
$9,597,984 |
28 |
$17,082,976 |
$6,281,032 $726,026 |
$10,075,918 |
29 |
$17,937,216 |
$6,597,100 $762,332 |
$10,577,784 |
30 |
$18,834,016 |
$6,928,916 $800,446 |
$11,104,654 |
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