The jackpot for the Powerball draw on Sat May 24, 2025, is projected to be $163 Million, with an option for a cash payout of $73.3 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 May 24, 2025 |
| Draw Date |
Sat May 24, 2025 |
| Projected Jackpot |
$163,000,000 |
| Cash Value |
$73,300,000 |
| Lumpsum Option Taxes and Payment |
| Cash Gross Payment |
$73,300,000 |
| Federal Tax(24%) |
$17,592,000 |
| Additional Federal Tax |
$9,489,330 |
| State Tax(4.25%) |
$3,115,250 |
| Net Lumpsum Payment |
$43,103,420 |
| Annuity Payment in 30 Installations |
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,453,313 |
$868,056
$104,266 |
$1,480,991 |
| 2 |
$2,576,052 |
$913,470
$109,482 |
$1,553,100 |
| 3 |
$2,704,822 |
$961,115
$114,955 |
$1,628,752 |
| 4 |
$2,840,112 |
$1,011,172
$120,705 |
$1,708,235 |
| 5 |
$2,982,085 |
$1,063,702
$126,739 |
$1,791,644 |
| 6 |
$3,131,230 |
$1,118,885
$133,077 |
$1,879,268 |
| 7 |
$3,287,710 |
$1,176,783
$139,728 |
$1,971,199 |
| 8 |
$3,452,177 |
$1,237,636
$146,718 |
$2,067,823 |
| 9 |
$3,624,794 |
$1,301,504
$154,054 |
$2,169,236 |
| 10 |
$3,806,050 |
$1,368,569
$161,757 |
$2,275,724 |
| 11 |
$3,996,271 |
$1,438,951
$169,842 |
$2,387,478 |
| 12 |
$4,196,109 |
$1,512,891
$178,335 |
$2,504,883 |
| 13 |
$4,405,890 |
$1,590,510
$187,250 |
$2,628,130 |
| 14 |
$4,626,266 |
$1,672,049
$196,616 |
$2,757,601 |
| 15 |
$4,857,563 |
$1,757,629
$206,446 |
$2,893,488 |
| 16 |
$5,100,433 |
$1,847,491
$216,768 |
$3,036,174 |
| 17 |
$5,355,365 |
$1,941,815
$227,603 |
$3,185,947 |
| 18 |
$5,623,174 |
$2,040,905
$238,985 |
$3,343,284 |
| 19 |
$5,904,349 |
$2,144,940
$250,935 |
$3,508,474 |
| 20 |
$6,199,542 |
$2,254,161
$263,481 |
$3,681,900 |
| 21 |
$6,509,568 |
$2,368,871
$276,657 |
$3,864,040 |
| 22 |
$6,835,079 |
$2,489,310
$290,491 |
$4,055,278 |
| 23 |
$7,176,727 |
$2,615,719
$305,011 |
$4,255,997 |
| 24 |
$7,535,653 |
$2,748,522
$320,265 |
$4,466,866 |
| 25 |
$7,912,346 |
$2,887,898
$336,275 |
$4,688,173 |
| 26 |
$8,308,110 |
$3,034,331
$353,095 |
$4,920,684 |
| 27 |
$8,723,434 |
$3,188,001
$370,746 |
$5,164,687 |
| 28 |
$9,159,622 |
$3,349,391
$389,284 |
$5,420,947 |
| 29 |
$9,617,652 |
$3,518,862
$408,750 |
$5,690,040 |
| 30 |
$10,098,502 |
$3,696,776
$429,186 |
$5,972,540 |
|
|
