Powerball Annuity Payment Schedule

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

Current Powerball jackpot

Monday, Apr 29, 2024

$164,000,000

Federal tax

Select your filing status.

-$39,360,000

State tax

Select your state.

-$7,872,000

Net jackpot after tax

$116,768,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $2,468,435 $118,485 $592,424 $1,757,526
2 $2,591,857 $124,409 $622,046 $1,845,402
3 $2,721,450 $130,630 $653,148 $1,937,672
4 $2,857,522 $137,161 $685,805 $2,034,556
5 $3,000,399 $144,019 $720,096 $2,136,284
6 $3,150,419 $151,220 $756,100 $2,243,098
7 $3,307,939 $158,781 $793,905 $2,355,253
8 $3,473,336 $166,720 $833,601 $2,473,016
9 $3,647,003 $175,056 $875,281 $2,596,666
10 $3,829,353 $183,809 $919,045 $2,726,500
11 $4,020,821 $192,999 $964,997 $2,862,825
12 $4,221,862 $202,649 $1,013,247 $3,005,966
13 $4,432,955 $212,782 $1,063,909 $3,156,264
14 $4,654,603 $223,421 $1,117,105 $3,314,077
15 $4,887,333 $234,592 $1,172,960 $3,479,781
16 $5,131,700 $246,322 $1,231,608 $3,653,770
17 $5,388,285 $258,638 $1,293,188 $3,836,459
18 $5,657,699 $271,570 $1,357,848 $4,028,282
19 $5,940,584 $285,148 $1,425,740 $4,229,696
20 $6,237,613 $299,405 $1,497,027 $4,441,181
21 $6,549,494 $314,376 $1,571,879 $4,663,240
22 $6,876,969 $330,094 $1,650,472 $4,896,402
23 $7,220,817 $346,599 $1,732,996 $5,141,222
24 $7,581,858 $363,929 $1,819,646 $5,398,283
25 $7,960,951 $382,126 $1,910,628 $5,668,197
26 $8,358,998 $401,232 $2,006,160 $5,951,607
27 $8,776,948 $421,294 $2,106,468 $6,249,187
28 $9,215,796 $442,358 $2,211,791 $6,561,646
29 $9,676,585 $464,476 $2,322,380 $6,889,729
30 $10,160,415 $487,700 $2,438,500 $7,234,215
Total $164,000,000 $7,872,000 $39,360,000 $116,768,000

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.