The jackpot for the Powerball draw on Sat Nov 30, 2024, is projected to be $214 Million, with an option for a cash payout of $99 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 Nov 30, 2024 |
|---|
| Draw Date | Sat Nov 30, 2024 | | Projected Jackpot | $214,000,000 | | Cash Value | $99,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $99,000,000 | | Federal Tax(24%) | $23,760,000 | | Additional Federal Tax | $12,830,330 | | State Tax(4.25%) | $4,207,500 | | Net Lumpsum Payment | $58,202,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,220,914 |
$1,152,069
$136,889 |
$1,931,956 |
| 2 |
$3,382,056 |
$1,211,691
$143,737 |
$2,026,628 |
| 3 |
$3,551,116 |
$1,274,243
$150,922 |
$2,125,951 |
| 4 |
$3,728,736 |
$1,339,963
$158,471 |
$2,230,302 |
| 5 |
$3,915,130 |
$1,408,928
$166,393 |
$2,339,809 |
| 6 |
$4,110,940 |
$1,481,378
$174,715 |
$2,454,847 |
| 7 |
$4,316,380 |
$1,557,391
$183,446 |
$2,575,543 |
| 8 |
$4,532,306 |
$1,637,284
$192,623 |
$2,702,399 |
| 9 |
$4,758,932 |
$1,721,135
$202,255 |
$2,835,542 |
| 10 |
$4,996,900 |
$1,809,183
$212,368 |
$2,975,349 |
| 11 |
$5,246,638 |
$1,901,586
$222,982 |
$3,122,070 |
| 12 |
$5,509,002 |
$1,998,661
$234,133 |
$3,276,208 |
| 13 |
$5,784,420 |
$2,100,566
$245,838 |
$3,438,016 |
| 14 |
$6,073,748 |
$2,207,617
$258,134 |
$3,607,997 |
| 15 |
$6,377,414 |
$2,319,974
$271,040 |
$3,786,400 |
| 16 |
$6,696,274 |
$2,437,952
$284,592 |
$3,973,730 |
| 17 |
$7,030,970 |
$2,561,789
$298,816 |
$4,170,365 |
| 18 |
$7,382,572 |
$2,691,882
$313,759 |
$4,376,931 |
| 19 |
$7,751,722 |
$2,828,468
$329,448 |
$4,593,806 |
| 20 |
$8,139,276 |
$2,971,863
$345,919 |
$4,821,494 |
| 21 |
$8,546,304 |
$3,122,463
$363,218 |
$5,060,623 |
| 22 |
$8,973,662 |
$3,280,585
$381,381 |
$5,311,696 |
| 23 |
$9,422,206 |
$3,446,547
$400,444 |
$5,575,215 |
| 24 |
$9,893,434 |
$3,620,901
$420,471 |
$5,852,062 |
| 25 |
$10,387,988 |
$3,803,886
$441,489 |
$6,142,613 |
| 26 |
$10,907,580 |
$3,996,135
$463,572 |
$6,447,873 |
| 27 |
$11,452,852 |
$4,197,886
$486,746 |
$6,768,220 |
| 28 |
$12,025,516 |
$4,409,771
$511,084 |
$7,104,661 |
| 29 |
$12,626,856 |
$4,632,267
$536,641 |
$7,457,948 |
| 30 |
$13,258,156 |
$4,865,848
$563,472 |
$7,828,836 |
|
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