The jackpot for the Powerball draw on Mon Jan 12, 2026, is projected to be $137 Million, with an option for a cash payout of $61.9 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 Jan 12, 2026 |
|---|
| Draw Date | Mon Jan 12, 2026 | | Projected Jackpot | $137,000,000 | | Cash Value | $61,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,900,000 | | Federal Tax(24%) | $14,856,000 | | Additional Federal Tax | $8,007,330 | | State Tax(4.25%) | $2,630,750 | | Net Lumpsum Payment | $36,405,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,061,987 |
$723,266
$87,634 |
$1,251,087 |
| 2 |
$2,165,148 |
$761,435
$92,019 |
$1,311,694 |
| 3 |
$2,273,378 |
$801,480
$96,619 |
$1,375,279 |
| 4 |
$2,387,088 |
$843,553
$101,451 |
$1,442,084 |
| 5 |
$2,506,415 |
$887,704
$106,523 |
$1,512,188 |
| 6 |
$2,631,770 |
$934,085
$111,850 |
$1,585,835 |
| 7 |
$2,763,290 |
$982,748
$117,440 |
$1,663,102 |
| 8 |
$2,901,523 |
$1,033,894
$123,315 |
$1,744,314 |
| 9 |
$3,046,606 |
$1,087,575
$129,481 |
$1,829,550 |
| 10 |
$3,198,950 |
$1,143,942
$135,955 |
$1,919,053 |
| 11 |
$3,358,829 |
$1,203,097
$142,750 |
$2,012,982 |
| 12 |
$3,526,791 |
$1,265,243
$149,889 |
$2,111,659 |
| 13 |
$3,703,110 |
$1,330,481
$157,382 |
$2,215,247 |
| 14 |
$3,888,334 |
$1,399,014
$165,254 |
$2,324,066 |
| 15 |
$4,082,737 |
$1,470,943
$173,516 |
$2,438,278 |
| 16 |
$4,286,867 |
$1,546,471
$182,192 |
$2,558,204 |
| 17 |
$4,501,135 |
$1,625,750
$191,298 |
$2,684,087 |
| 18 |
$4,726,226 |
$1,709,034
$200,865 |
$2,816,327 |
| 19 |
$4,962,551 |
$1,796,474
$210,908 |
$2,955,169 |
| 20 |
$5,210,658 |
$1,888,274
$221,453 |
$3,100,931 |
| 21 |
$5,471,232 |
$1,984,686
$232,527 |
$3,254,019 |
| 22 |
$5,744,821 |
$2,085,914
$244,155 |
$3,414,752 |
| 23 |
$6,031,973 |
$2,192,160
$256,359 |
$3,583,454 |
| 24 |
$6,333,647 |
$2,303,780
$269,180 |
$3,760,687 |
| 25 |
$6,650,254 |
$2,420,924
$282,636 |
$3,946,694 |
| 26 |
$6,982,890 |
$2,544,000
$296,773 |
$4,142,117 |
| 27 |
$7,331,966 |
$2,673,158
$311,609 |
$4,347,199 |
| 28 |
$7,698,578 |
$2,808,804
$327,190 |
$4,562,584 |
| 29 |
$8,083,548 |
$2,951,243
$343,551 |
$4,788,754 |
| 30 |
$8,487,698 |
$3,100,779
$360,727 |
$5,026,192 |
|
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