Powerball Annuity Payment Schedule

Here’s how the current Powerball jackpot will be paid if the annuity option is selected.

Current Powerball jackpot

Saturday, May 18, 2024

$77,000,000

Federal tax

Select your filing status.

-$18,480,000

State tax

Select your state.

-$3,696,000

Net jackpot after tax

$54,824,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $1,158,961 $55,630 $278,151 $825,180
2 $1,216,909 $58,412 $292,058 $866,439
3 $1,277,754 $61,332 $306,661 $909,761
4 $1,341,642 $64,399 $321,994 $955,249
5 $1,408,724 $67,619 $338,094 $1,003,011
6 $1,479,160 $71,000 $354,998 $1,053,162
7 $1,553,118 $74,550 $372,748 $1,105,820
8 $1,630,774 $78,277 $391,386 $1,161,111
9 $1,712,313 $82,191 $410,955 $1,219,167
10 $1,797,928 $86,301 $431,503 $1,280,125
11 $1,887,825 $90,616 $453,078 $1,344,131
12 $1,982,216 $95,146 $475,732 $1,411,338
13 $2,081,327 $99,904 $499,518 $1,481,905
14 $2,185,393 $104,899 $524,494 $1,556,000
15 $2,294,663 $110,144 $550,719 $1,633,800
16 $2,409,396 $115,651 $578,255 $1,715,490
17 $2,529,865 $121,434 $607,168 $1,801,264
18 $2,656,359 $127,505 $637,526 $1,891,327
19 $2,789,177 $133,880 $669,402 $1,985,894
20 $2,928,635 $140,575 $702,873 $2,085,188
21 $3,075,067 $147,603 $738,016 $2,189,448
22 $3,228,821 $154,983 $774,917 $2,298,920
23 $3,390,262 $162,733 $813,663 $2,413,866
24 $3,559,775 $170,869 $854,346 $2,534,560
25 $3,737,763 $179,413 $897,063 $2,661,288
26 $3,924,652 $188,383 $941,916 $2,794,352
27 $4,120,884 $197,802 $989,012 $2,934,070
28 $4,326,928 $207,693 $1,038,463 $3,080,773
29 $4,543,275 $218,077 $1,090,386 $3,234,812
30 $4,770,439 $228,981 $1,144,905 $3,396,552
Total $77,000,000 $3,696,000 $18,480,000 $54,824,000

Notes

  • Each annual annuity payment increases by 5% from the previous year.
  • For clarity, we assumed that payments 1 and 2 are made in separate tax years.
  • The lottery automatically withholds 24% of each payment for federal taxes. When you file your taxes, you will be responsible for the difference between that withholding and what you owe to the IRS.
  • In some states, the lottery also withholds a portion of annual payments for state taxes.
  • The highest federal tax bracket of 37% is assumed for these examples because all Powerball jackpot winners will fall into this category.
  • Tax estimates are based on jackpot income only and do not include any other taxes you may owe.
  • We assume single state residency only and do not consider non-state resident tax. In the situation when the winner resides in a different state than the one where the winnings were registered, additional state taxes may be added.
  • This calculator is intended to provide an estimate of taxes, but should not be considered tax advice. We do not take responsibility for any inaccuracies or omissions.
  • Consult with a professional tax advisor and accountant to avoid any surprise tax bills.
  • Federal and/or state tax rates may change during the annuity schedule, which could affect how much you owe.