The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(4.25%) | $5,002,250 | | Net Lumpsum Payment | $69,188,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$168,233 |
$2,365,237 |
| 2 |
$4,156,452 |
$1,498,218
$176,649 |
$2,481,585 |
| 3 |
$4,364,222 |
$1,575,093
$185,479 |
$2,603,650 |
| 4 |
$4,582,512 |
$1,655,860
$194,757 |
$2,731,895 |
| 5 |
$4,811,585 |
$1,740,617
$204,492 |
$2,866,476 |
| 6 |
$5,052,230 |
$1,829,655
$214,720 |
$3,007,855 |
| 7 |
$5,304,710 |
$1,923,073
$225,450 |
$3,156,187 |
| 8 |
$5,570,077 |
$2,021,259
$236,728 |
$3,312,090 |
| 9 |
$5,848,594 |
$2,124,310
$248,565 |
$3,475,719 |
| 10 |
$6,141,050 |
$2,232,519
$260,995 |
$3,647,536 |
| 11 |
$6,447,971 |
$2,346,080
$274,039 |
$3,827,852 |
| 12 |
$6,770,409 |
$2,465,382
$287,742 |
$4,017,285 |
| 13 |
$7,108,890 |
$2,590,620
$302,128 |
$4,216,142 |
| 14 |
$7,464,466 |
$2,722,183
$317,240 |
$4,425,043 |
| 15 |
$7,837,663 |
$2,860,266
$333,101 |
$4,644,296 |
| 16 |
$8,229,533 |
$3,005,258
$349,755 |
$4,874,520 |
| 17 |
$8,640,865 |
$3,157,450
$367,237 |
$5,116,178 |
| 18 |
$9,072,974 |
$3,317,331
$385,601 |
$5,370,042 |
| 19 |
$9,526,649 |
$3,485,191
$404,883 |
$5,636,575 |
| 20 |
$10,002,942 |
$3,661,419
$425,125 |
$5,916,398 |
| 21 |
$10,503,168 |
$3,846,503
$446,385 |
$6,210,280 |
| 22 |
$11,028,379 |
$4,040,831
$468,706 |
$6,518,842 |
| 23 |
$11,579,627 |
$4,244,792
$492,134 |
$6,842,701 |
| 24 |
$12,158,753 |
$4,459,069
$516,747 |
$7,182,937 |
| 25 |
$12,766,546 |
$4,683,952
$542,578 |
$7,540,016 |
| 26 |
$13,405,110 |
$4,920,221
$569,717 |
$7,915,172 |
| 27 |
$14,075,234 |
$5,168,167
$598,197 |
$8,308,870 |
| 28 |
$14,779,022 |
$5,428,569
$628,108 |
$8,722,345 |
| 29 |
$15,518,052 |
$5,702,010
$659,517 |
$9,156,525 |
| 30 |
$16,293,902 |
$5,989,074
$692,491 |
$9,612,337 |
|
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