The jackpot for the Powerball draw on Sat Mar 1, 2025, is projected to be $272 Million, with an option for a cash payout of $124.4 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 Mar 1, 2025 |
|---|
| Draw Date | Sat Mar 1, 2025 | | Projected Jackpot | $272,000,000 | | Cash Value | $124,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,400,000 | | Federal Tax(24%) | $29,856,000 | | Additional Federal Tax | $16,132,330 | | State Tax(4.25%) | $5,287,000 | | Net Lumpsum Payment | $73,124,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,093,872 |
$1,475,063
$173,990 |
$2,444,819 |
| 2 |
$4,298,688 |
$1,550,845
$182,694 |
$2,565,149 |
| 3 |
$4,513,568 |
$1,630,351
$191,827 |
$2,691,390 |
| 4 |
$4,739,328 |
$1,713,882
$201,421 |
$2,824,025 |
| 5 |
$4,976,240 |
$1,801,539
$211,490 |
$2,963,211 |
| 6 |
$5,225,120 |
$1,893,625
$222,068 |
$3,109,427 |
| 7 |
$5,486,240 |
$1,990,239
$233,165 |
$3,262,836 |
| 8 |
$5,760,688 |
$2,091,785
$244,829 |
$3,424,074 |
| 9 |
$6,048,736 |
$2,198,363
$257,071 |
$3,593,302 |
| 10 |
$6,351,200 |
$2,310,274
$269,926 |
$3,771,000 |
| 11 |
$6,668,624 |
$2,427,721
$283,417 |
$3,957,486 |
| 12 |
$7,002,096 |
$2,551,106
$297,589 |
$4,153,401 |
| 13 |
$7,352,160 |
$2,680,630
$312,467 |
$4,359,063 |
| 14 |
$7,719,904 |
$2,816,695
$328,096 |
$4,575,113 |
| 15 |
$8,105,872 |
$2,959,503
$344,500 |
$4,801,869 |
| 16 |
$8,511,152 |
$3,109,457
$361,724 |
$5,039,971 |
| 17 |
$8,936,560 |
$3,266,858
$379,804 |
$5,289,898 |
| 18 |
$9,383,456 |
$3,432,209
$398,797 |
$5,552,450 |
| 19 |
$9,852,656 |
$3,605,813
$418,738 |
$5,828,105 |
| 20 |
$10,345,248 |
$3,788,072
$439,673 |
$6,117,503 |
| 21 |
$10,862,592 |
$3,979,489
$461,660 |
$6,421,443 |
| 22 |
$11,405,776 |
$4,180,468
$484,745 |
$6,740,563 |
| 23 |
$11,975,888 |
$4,391,409
$508,975 |
$7,075,504 |
| 24 |
$12,574,832 |
$4,613,018
$534,430 |
$7,427,384 |
| 25 |
$13,203,424 |
$4,845,597
$561,146 |
$7,796,681 |
| 26 |
$13,863,840 |
$5,089,951
$589,213 |
$8,184,676 |
| 27 |
$14,556,896 |
$5,346,382
$618,668 |
$8,591,846 |
| 28 |
$15,284,768 |
$5,615,695
$649,603 |
$9,019,470 |
| 29 |
$16,049,088 |
$5,898,493
$682,086 |
$9,468,509 |
| 30 |
$16,851,488 |
$6,195,381
$716,188 |
$9,939,919 |
|
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