Powerball Annuity Payment Schedule

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

Current Powerball jackpot

Saturday, Jul 27, 2024

$131,000,000

Federal tax

Select your filing status.

-$31,440,000

State tax

Select your state.

-$6,288,000

Net jackpot after tax

$93,272,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $1,971,738 $94,643 $473,217 $1,403,877
2 $2,070,325 $99,376 $496,878 $1,474,071
3 $2,173,841 $104,344 $521,722 $1,547,775
4 $2,282,533 $109,562 $547,808 $1,625,164
5 $2,396,660 $115,040 $575,198 $1,706,422
6 $2,516,493 $120,792 $603,958 $1,791,743
7 $2,642,317 $126,831 $634,156 $1,881,330
8 $2,774,433 $133,173 $665,864 $1,975,397
9 $2,913,155 $139,831 $699,157 $2,074,166
10 $3,058,813 $146,823 $734,115 $2,177,875
11 $3,211,753 $154,164 $770,821 $2,286,768
12 $3,372,341 $161,872 $809,362 $2,401,107
13 $3,540,958 $169,966 $849,830 $2,521,162
14 $3,718,006 $178,464 $892,321 $2,647,220
15 $3,903,906 $187,388 $936,938 $2,779,581
16 $4,099,102 $196,757 $983,784 $2,918,560
17 $4,304,057 $206,595 $1,032,974 $3,064,488
18 $4,519,260 $216,924 $1,084,622 $3,217,713
19 $4,745,223 $227,771 $1,138,853 $3,378,598
20 $4,982,484 $239,159 $1,195,796 $3,547,528
21 $5,231,608 $251,117 $1,255,586 $3,724,905
22 $5,493,188 $263,673 $1,318,365 $3,911,150
23 $5,767,848 $276,857 $1,384,283 $4,106,708
24 $6,056,240 $290,700 $1,453,498 $4,312,043
25 $6,359,052 $305,235 $1,526,173 $4,527,645
26 $6,677,005 $320,496 $1,602,481 $4,754,027
27 $7,010,855 $336,521 $1,682,605 $4,991,729
28 $7,361,398 $353,347 $1,766,735 $5,241,315
29 $7,729,468 $371,014 $1,855,072 $5,503,381
30 $8,115,941 $389,565 $1,947,826 $5,778,550
Total $131,000,000 $6,288,000 $31,440,000 $93,272,000

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.