The jackpot for the Powerball draw on Sat Jan 18, 2025, is projected to be $331 Million, with an option for a cash payout of $145.1 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 Jan 18, 2025 |
|---|
| Draw Date | Sat Jan 18, 2025 | | Projected Jackpot | $331,000,000 | | Cash Value | $145,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,100,000 | | Federal Tax(24%) | $34,824,000 | | Additional Federal Tax | $18,823,330 | | State Tax(4.25%) | $6,166,750 | | Net Lumpsum Payment | $85,285,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$211,730 |
$2,966,525 |
| 2 |
$5,231,124 |
$1,895,846
$222,323 |
$3,112,955 |
| 3 |
$5,492,614 |
$1,992,598
$233,436 |
$3,266,580 |
| 4 |
$5,767,344 |
$2,094,248
$245,112 |
$3,427,984 |
| 5 |
$6,055,645 |
$2,200,919
$257,365 |
$3,597,361 |
| 6 |
$6,358,510 |
$2,312,979
$270,237 |
$3,775,294 |
| 7 |
$6,676,270 |
$2,430,550
$283,741 |
$3,961,979 |
| 8 |
$7,010,249 |
$2,554,123
$297,936 |
$4,158,190 |
| 9 |
$7,360,778 |
$2,683,818
$312,833 |
$4,364,127 |
| 10 |
$7,728,850 |
$2,820,005
$328,476 |
$4,580,369 |
| 11 |
$8,115,127 |
$2,962,927
$344,893 |
$4,807,307 |
| 12 |
$8,520,933 |
$3,113,076
$362,140 |
$5,045,717 |
| 13 |
$8,946,930 |
$3,270,694
$380,245 |
$5,295,991 |
| 14 |
$9,394,442 |
$3,436,274
$399,264 |
$5,558,904 |
| 15 |
$9,864,131 |
$3,610,059
$419,226 |
$5,834,846 |
| 16 |
$10,357,321 |
$3,792,539
$440,186 |
$6,124,596 |
| 17 |
$10,875,005 |
$3,984,082
$462,188 |
$6,428,735 |
| 18 |
$11,418,838 |
$4,185,300
$485,301 |
$6,748,237 |
| 19 |
$11,989,813 |
$4,396,561
$509,567 |
$7,083,685 |
| 20 |
$12,589,254 |
$4,618,354
$535,043 |
$7,435,857 |
| 21 |
$13,218,816 |
$4,851,292
$561,800 |
$7,805,724 |
| 22 |
$13,879,823 |
$5,095,865
$589,892 |
$8,194,066 |
| 23 |
$14,573,599 |
$5,352,562
$619,378 |
$8,601,659 |
| 24 |
$15,302,461 |
$5,622,241
$650,355 |
$9,029,865 |
| 25 |
$16,067,402 |
$5,905,269
$682,865 |
$9,479,268 |
| 26 |
$16,871,070 |
$6,202,626
$717,020 |
$9,951,424 |
| 27 |
$17,714,458 |
$6,514,680
$752,864 |
$10,446,914 |
| 28 |
$18,600,214 |
$6,842,410
$790,509 |
$10,967,295 |
| 29 |
$19,530,324 |
$7,186,550
$830,039 |
$11,513,735 |
| 30 |
$20,506,774 |
$7,547,837
$871,538 |
$12,087,399 |
|
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