The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(4.25%) | $3,344,750 | | Net Lumpsum Payment | $46,275,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$109,383 |
$1,551,731 |
| 2 |
$2,702,484 |
$960,249
$114,856 |
$1,627,379 |
| 3 |
$2,837,574 |
$1,010,233
$120,597 |
$1,706,744 |
| 4 |
$2,979,504 |
$1,062,747
$126,629 |
$1,790,128 |
| 5 |
$3,128,445 |
$1,117,855
$132,959 |
$1,877,631 |
| 6 |
$3,284,910 |
$1,175,747
$139,609 |
$1,969,554 |
| 7 |
$3,449,070 |
$1,236,486
$146,585 |
$2,065,999 |
| 8 |
$3,621,609 |
$1,300,326
$153,918 |
$2,167,365 |
| 9 |
$3,802,698 |
$1,367,329
$161,615 |
$2,273,754 |
| 10 |
$3,992,850 |
$1,437,685
$169,696 |
$2,385,469 |
| 11 |
$4,192,407 |
$1,511,521
$178,177 |
$2,502,709 |
| 12 |
$4,402,053 |
$1,589,090
$187,087 |
$2,625,876 |
| 13 |
$4,622,130 |
$1,670,518
$196,441 |
$2,755,171 |
| 14 |
$4,853,322 |
$1,756,060
$206,266 |
$2,890,996 |
| 15 |
$5,095,971 |
$1,845,840
$216,579 |
$3,033,552 |
| 16 |
$5,350,761 |
$1,940,112
$227,407 |
$3,183,242 |
| 17 |
$5,618,205 |
$2,039,066
$238,774 |
$3,340,365 |
| 18 |
$5,899,158 |
$2,143,019
$250,714 |
$3,505,425 |
| 19 |
$6,194,133 |
$2,252,160
$263,251 |
$3,678,722 |
| 20 |
$6,503,814 |
$2,366,742
$276,412 |
$3,860,660 |
| 21 |
$6,829,056 |
$2,487,081
$290,235 |
$4,051,740 |
| 22 |
$7,170,543 |
$2,613,431
$304,748 |
$4,252,364 |
| 23 |
$7,528,959 |
$2,746,045
$319,981 |
$4,462,933 |
| 24 |
$7,905,501 |
$2,885,366
$335,984 |
$4,684,151 |
| 25 |
$8,300,682 |
$3,031,583
$352,779 |
$4,916,320 |
| 26 |
$8,715,870 |
$3,185,202
$370,424 |
$5,160,244 |
| 27 |
$9,151,578 |
$3,346,414
$388,942 |
$5,416,222 |
| 28 |
$9,609,174 |
$3,515,725
$408,390 |
$5,685,059 |
| 29 |
$10,089,684 |
$3,693,513
$428,812 |
$5,967,359 |
| 30 |
$10,594,134 |
$3,880,160
$450,251 |
$6,263,723 |
|
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