Powerball Annuity Payment Schedule
Here's how the current Powerball jackpot will be paid if the annuity option is selected.
Current Powerball jackpot
Saturday, Dec 14, 2024
$45,000,000
Federal tax
Select your filing status.
-$10,800,000State tax
Select your state.
-$2,160,000Net jackpot after tax
$32,040,000
|
Payment Number |
Gross Payment |
State Tax for AZ |
Federal Tax |
Net Payment |
|---|---|---|---|---|
| 1 | $677,315 | $32,511 | $162,555 | $482,248 |
| 2 | $711,180 | $34,137 | $170,683 | $506,360 |
| 3 | $746,739 | $35,843 | $179,217 | $531,678 |
| 4 | $784,076 | $37,636 | $188,178 | $558,262 |
| 5 | $823,280 | $39,517 | $197,587 | $586,175 |
| 6 | $864,444 | $41,493 | $207,467 | $615,484 |
| 7 | $907,666 | $43,568 | $217,840 | $646,258 |
| 8 | $953,050 | $45,746 | $228,732 | $678,571 |
| 9 | $1,000,702 | $48,034 | $240,169 | $712,500 |
| 10 | $1,050,737 | $50,435 | $252,177 | $748,125 |
| 11 | $1,103,274 | $52,957 | $264,786 | $785,531 |
| 12 | $1,158,438 | $55,605 | $278,025 | $824,808 |
| 13 | $1,216,360 | $58,385 | $291,926 | $866,048 |
| 14 | $1,277,178 | $61,305 | $306,523 | $909,350 |
| 15 | $1,341,037 | $64,370 | $321,849 | $954,818 |
| 16 | $1,408,088 | $67,588 | $337,941 | $1,002,559 |
| 17 | $1,478,493 | $70,968 | $354,838 | $1,052,687 |
| 18 | $1,552,417 | $74,516 | $372,580 | $1,105,321 |
| 19 | $1,630,038 | $78,242 | $391,209 | $1,160,587 |
| 20 | $1,711,540 | $82,154 | $410,770 | $1,218,617 |
| 21 | $1,797,117 | $86,262 | $431,308 | $1,279,547 |
| 22 | $1,886,973 | $90,575 | $452,874 | $1,343,525 |
| 23 | $1,981,322 | $95,103 | $475,517 | $1,410,701 |
| 24 | $2,080,388 | $99,859 | $499,293 | $1,481,236 |
| 25 | $2,184,407 | $104,852 | $524,258 | $1,555,298 |
| 26 | $2,293,628 | $110,094 | $550,471 | $1,633,063 |
| 27 | $2,408,309 | $115,599 | $577,994 | $1,714,716 |
| 28 | $2,528,724 | $121,379 | $606,894 | $1,800,452 |
| 29 | $2,655,161 | $127,448 | $637,239 | $1,890,474 |
| 30 | $2,787,919 | $133,820 | $669,100 | $1,984,998 |
| Total | $45,000,000 | $2,160,000 | $10,800,000 | $32,040,000 |
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.
