The jackpot for the Powerball draw on Sat Apr 5, 2025, is projected to be $47 Million, with an option for a cash payout of $21.8 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 Apr 5, 2025 |
|---|
| Draw Date | Sat Apr 5, 2025 | | Projected Jackpot | $47,000,000 | | Cash Value | $21,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $21,800,000 | | Federal Tax(24%) | $5,232,000 | | Additional Federal Tax | $2,794,330 | | State Tax(4.25%) | $926,500 | | Net Lumpsum Payment | $12,847,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$30,064 |
$455,266 |
| 2 |
$742,788 |
$235,162
$31,568 |
$476,058 |
| 3 |
$779,918 |
$248,900
$33,147 |
$497,871 |
| 4 |
$818,928 |
$263,334
$34,804 |
$520,790 |
| 5 |
$859,865 |
$278,480
$36,544 |
$544,841 |
| 6 |
$902,870 |
$294,392
$38,372 |
$570,106 |
| 7 |
$947,990 |
$311,087
$40,290 |
$596,613 |
| 8 |
$995,413 |
$328,633
$42,305 |
$624,475 |
| 9 |
$1,045,186 |
$347,049
$44,420 |
$653,717 |
| 10 |
$1,097,450 |
$366,387
$46,642 |
$684,421 |
| 11 |
$1,152,299 |
$386,681
$48,973 |
$716,645 |
| 12 |
$1,209,921 |
$408,001
$51,422 |
$750,498 |
| 13 |
$1,270,410 |
$430,382
$53,992 |
$786,036 |
| 14 |
$1,333,954 |
$453,893
$56,693 |
$823,368 |
| 15 |
$1,400,647 |
$478,570
$59,527 |
$862,550 |
| 16 |
$1,470,677 |
$504,481
$62,504 |
$903,692 |
| 17 |
$1,544,185 |
$531,679
$65,628 |
$946,878 |
| 18 |
$1,621,406 |
$560,251
$68,910 |
$992,245 |
| 19 |
$1,702,481 |
$590,248
$72,355 |
$1,039,878 |
| 20 |
$1,787,598 |
$621,742
$75,973 |
$1,089,883 |
| 21 |
$1,876,992 |
$654,817
$79,772 |
$1,142,403 |
| 22 |
$1,970,851 |
$689,545
$83,761 |
$1,197,545 |
| 23 |
$2,069,363 |
$725,995
$87,948 |
$1,255,420 |
| 24 |
$2,172,857 |
$764,287
$92,346 |
$1,316,224 |
| 25 |
$2,281,474 |
$804,476
$96,963 |
$1,380,035 |
| 26 |
$2,395,590 |
$846,699
$101,813 |
$1,447,078 |
| 27 |
$2,515,346 |
$891,008
$106,902 |
$1,517,436 |
| 28 |
$2,641,118 |
$937,544
$112,248 |
$1,591,326 |
| 29 |
$2,773,188 |
$986,410
$117,860 |
$1,668,918 |
| 30 |
$2,911,838 |
$1,037,710
$123,753 |
$1,750,375 |
|
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