The jackpot for the Powerball draw on Wed Oct 28, 2026, is projected to be $716 Million, with an option for a cash payout of $307.2 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 Oct 28, 2026 |
|---|
| Draw Date | Wed Oct 28, 2026 | | Projected Jackpot | $716,000,000 | | Cash Value | $307,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $307,200,000 | | Federal Tax(24%) | $73,728,000 | | Additional Federal Tax | $39,896,330 | | State Tax(4.25%) | $13,056,000 | | Net Lumpsum Payment | $180,519,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,776,516 |
$3,947,641
$458,002 |
$6,370,873 |
| 2 |
$11,315,664 |
$4,147,126
$480,916 |
$6,687,622 |
| 3 |
$11,881,304 |
$4,356,413
$504,955 |
$7,019,936 |
| 4 |
$12,475,584 |
$4,576,296
$530,212 |
$7,369,076 |
| 5 |
$13,099,220 |
$4,807,042
$556,717 |
$7,735,461 |
| 6 |
$13,754,360 |
$5,049,444
$584,560 |
$8,120,356 |
| 7 |
$14,441,720 |
$5,303,767
$613,773 |
$8,524,180 |
| 8 |
$15,164,164 |
$5,571,071
$644,477 |
$8,948,616 |
| 9 |
$15,922,408 |
$5,851,621
$676,702 |
$9,394,085 |
| 10 |
$16,718,600 |
$6,146,212
$710,541 |
$9,861,847 |
| 11 |
$17,554,172 |
$6,455,374
$746,052 |
$10,352,746 |
| 12 |
$18,431,988 |
$6,780,166
$783,359 |
$10,868,463 |
| 13 |
$19,353,480 |
$7,121,118
$822,523 |
$11,409,839 |
| 14 |
$20,321,512 |
$7,479,290
$863,664 |
$11,978,558 |
| 15 |
$21,337,516 |
$7,855,211
$906,844 |
$12,575,461 |
| 16 |
$22,404,356 |
$8,249,942
$952,185 |
$13,202,229 |
| 17 |
$23,524,180 |
$8,664,277
$999,778 |
$13,860,125 |
| 18 |
$24,700,568 |
$9,099,541
$1,049,774 |
$14,551,253 |
| 19 |
$25,935,668 |
$9,556,528
$1,102,266 |
$15,276,874 |
| 20 |
$27,232,344 |
$10,036,298
$1,157,375 |
$16,038,671 |
| 21 |
$28,594,176 |
$10,540,176
$1,215,252 |
$16,838,748 |
| 22 |
$30,024,028 |
$11,069,221
$1,276,021 |
$17,678,786 |
| 23 |
$31,524,764 |
$11,624,493
$1,339,802 |
$18,560,469 |
| 24 |
$33,101,396 |
$12,207,847
$1,406,809 |
$19,486,740 |
| 25 |
$34,756,072 |
$12,820,077
$1,477,133 |
$20,458,862 |
| 26 |
$36,494,520 |
$13,463,303
$1,551,017 |
$21,480,200 |
| 27 |
$38,318,888 |
$14,138,319
$1,628,553 |
$22,552,016 |
| 28 |
$40,234,904 |
$14,847,245
$1,709,983 |
$23,677,676 |
| 29 |
$42,246,864 |
$15,591,670
$1,795,492 |
$24,859,702 |
| 30 |
$44,359,064 |
$16,373,184
$1,885,260 |
$26,100,620 |
|
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