The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(4.25%) | $2,609,500 | | Net Lumpsum Payment | $36,112,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$83,157 |
$1,189,190 |
| 2 |
$2,054,520 |
$720,503
$87,317 |
$1,246,700 |
| 3 |
$2,157,220 |
$758,502
$91,682 |
$1,307,036 |
| 4 |
$2,265,120 |
$798,425
$96,268 |
$1,370,427 |
| 5 |
$2,378,350 |
$840,320
$101,080 |
$1,436,950 |
| 6 |
$2,497,300 |
$884,331
$106,135 |
$1,506,834 |
| 7 |
$2,622,100 |
$930,507
$111,439 |
$1,580,154 |
| 8 |
$2,753,270 |
$979,040
$117,014 |
$1,657,216 |
| 9 |
$2,890,940 |
$1,029,978
$122,865 |
$1,738,097 |
| 10 |
$3,035,500 |
$1,083,465
$129,009 |
$1,823,026 |
| 11 |
$3,187,210 |
$1,139,598
$135,456 |
$1,912,156 |
| 12 |
$3,346,590 |
$1,198,569
$142,230 |
$2,005,791 |
| 13 |
$3,513,900 |
$1,260,473
$149,341 |
$2,104,086 |
| 14 |
$3,689,660 |
$1,325,505
$156,811 |
$2,207,344 |
| 15 |
$3,874,130 |
$1,393,758
$164,651 |
$2,315,721 |
| 16 |
$4,067,830 |
$1,465,427
$172,883 |
$2,429,520 |
| 17 |
$4,271,150 |
$1,540,656
$181,524 |
$2,548,970 |
| 18 |
$4,484,740 |
$1,619,684
$190,601 |
$2,674,455 |
| 19 |
$4,708,990 |
$1,702,657
$200,132 |
$2,806,201 |
| 20 |
$4,944,420 |
$1,789,766
$210,138 |
$2,944,516 |
| 21 |
$5,191,680 |
$1,881,252
$220,646 |
$3,089,782 |
| 22 |
$5,451,290 |
$1,977,308
$231,680 |
$3,242,302 |
| 23 |
$5,723,770 |
$2,078,125
$243,260 |
$3,402,385 |
| 24 |
$6,010,030 |
$2,184,041
$255,426 |
$3,570,563 |
| 25 |
$6,310,460 |
$2,295,201
$268,195 |
$3,747,064 |
| 26 |
$6,626,100 |
$2,411,987
$281,609 |
$3,932,504 |
| 27 |
$6,957,340 |
$2,534,546
$295,687 |
$4,127,107 |
| 28 |
$7,305,220 |
$2,663,262
$310,472 |
$4,331,486 |
| 29 |
$7,670,520 |
$2,798,423
$325,997 |
$4,546,100 |
| 30 |
$8,054,020 |
$2,940,318
$342,296 |
$4,771,406 |
|
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