The jackpot for the Powerball draw on Wed Dec 11, 2024, is projected to be $30 Million, with an option for a cash payout of $14.5 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 Dec 11, 2024 |
|---|
| Draw Date | Wed Dec 11, 2024 | | Projected Jackpot | $30,000,000 | | Cash Value | $14,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $14,500,000 | | Federal Tax(24%) | $3,480,000 | | Additional Federal Tax | $1,845,330 | | State Tax(4.25%) | $616,250 | | Net Lumpsum Payment | $8,558,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$19,190 |
$304,944 |
| 2 |
$474,120 |
$135,755
$20,150 |
$318,215 |
| 3 |
$497,820 |
$144,524
$21,157 |
$332,139 |
| 4 |
$522,720 |
$153,737
$22,216 |
$346,767 |
| 5 |
$548,850 |
$163,405
$23,326 |
$362,119 |
| 6 |
$576,300 |
$173,561
$24,493 |
$378,246 |
| 7 |
$605,100 |
$184,217
$25,717 |
$395,166 |
| 8 |
$635,370 |
$195,417
$27,003 |
$412,950 |
| 9 |
$667,140 |
$207,172
$28,353 |
$431,615 |
| 10 |
$700,500 |
$219,515
$29,771 |
$451,214 |
| 11 |
$735,510 |
$232,469
$31,259 |
$471,782 |
| 12 |
$772,290 |
$246,078
$32,822 |
$493,390 |
| 13 |
$810,900 |
$260,363
$34,463 |
$516,074 |
| 14 |
$851,460 |
$275,371
$36,187 |
$539,902 |
| 15 |
$894,030 |
$291,121
$37,996 |
$564,913 |
| 16 |
$938,730 |
$307,660
$39,896 |
$591,174 |
| 17 |
$985,650 |
$325,021
$41,890 |
$618,739 |
| 18 |
$1,034,940 |
$343,258
$43,985 |
$647,697 |
| 19 |
$1,086,690 |
$362,406
$46,184 |
$678,100 |
| 20 |
$1,141,020 |
$382,508
$48,493 |
$710,019 |
| 21 |
$1,198,080 |
$403,620
$50,918 |
$743,542 |
| 22 |
$1,257,990 |
$425,787
$53,465 |
$778,738 |
| 23 |
$1,320,870 |
$449,052
$56,137 |
$815,681 |
| 24 |
$1,386,930 |
$473,494
$58,945 |
$854,491 |
| 25 |
$1,456,260 |
$499,147
$61,891 |
$895,222 |
| 26 |
$1,529,100 |
$526,097
$64,987 |
$938,016 |
| 27 |
$1,605,540 |
$554,380
$68,235 |
$982,925 |
| 28 |
$1,685,820 |
$584,084
$71,647 |
$1,030,089 |
| 29 |
$1,770,120 |
$615,275
$75,230 |
$1,079,615 |
| 30 |
$1,858,620 |
$648,020
$78,991 |
$1,131,609 |
|
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