The jackpot for the Powerball draw on Sat Jul 12, 2025, is projected to be $234 Million, with an option for a cash payout of $106.6 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 Sat Jul 12, 2025 |
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Draw Date | Sat Jul 12, 2025 | Projected Jackpot | $234,000,000 | Cash Value | $106,600,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $106,600,000 | Federal Tax(24%) | $25,584,000 | Additional Federal Tax | $13,818,330 | State Tax(4.25%) | $4,530,500 | Net Lumpsum Payment | $62,667,170 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$3,521,934 |
$1,263,446 $149,682 |
$2,108,806 |
2 |
$3,698,136 |
$1,328,641 $157,171 |
$2,212,324 |
3 |
$3,882,996 |
$1,397,039 $165,027 |
$2,320,930 |
4 |
$4,077,216 |
$1,468,900 $173,282 |
$2,435,034 |
5 |
$4,281,030 |
$1,544,311 $181,944 |
$2,554,775 |
6 |
$4,495,140 |
$1,623,532 $191,043 |
$2,680,565 |
7 |
$4,719,780 |
$1,706,649 $200,591 |
$2,812,540 |
8 |
$4,955,886 |
$1,794,008 $210,625 |
$2,951,253 |
9 |
$5,203,692 |
$1,885,696 $221,157 |
$3,096,839 |
10 |
$5,463,900 |
$1,981,973 $232,216 |
$3,249,711 |
11 |
$5,736,978 |
$2,083,012 $243,822 |
$3,410,144 |
12 |
$6,023,862 |
$2,189,159 $256,014 |
$3,578,689 |
13 |
$6,325,020 |
$2,300,588 $268,813 |
$3,755,619 |
14 |
$6,641,388 |
$2,417,644 $282,259 |
$3,941,485 |
15 |
$6,973,434 |
$2,540,501 $296,371 |
$4,136,562 |
16 |
$7,322,094 |
$2,669,505 $311,189 |
$4,341,400 |
17 |
$7,688,070 |
$2,804,916 $326,743 |
$4,556,411 |
18 |
$8,072,532 |
$2,947,167 $343,083 |
$4,782,282 |
19 |
$8,476,182 |
$3,096,518 $360,238 |
$5,019,426 |
20 |
$8,899,956 |
$3,253,314 $378,248 |
$5,268,394 |
21 |
$9,345,024 |
$3,417,989 $397,164 |
$5,529,871 |
22 |
$9,812,322 |
$3,590,890 $417,024 |
$5,804,408 |
23 |
$10,302,786 |
$3,772,361 $437,868 |
$6,092,557 |
24 |
$10,818,054 |
$3,963,010 $459,767 |
$6,395,277 |
25 |
$11,358,828 |
$4,163,097 $482,750 |
$6,712,981 |
26 |
$11,926,980 |
$4,373,313 $506,897 |
$7,046,770 |
27 |
$12,523,212 |
$4,593,919 $532,237 |
$7,397,056 |
28 |
$13,149,396 |
$4,825,607 $558,849 |
$7,764,940 |
29 |
$13,806,936 |
$5,068,897 $586,795 |
$8,151,244 |
30 |
$14,497,236 |
$5,324,308 $616,133 |
$8,556,795 |
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