Powerball Annuity Payment Schedule

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

Current Powerball Jackpot

Wednesday, Oct 04, 2023

$1,200,000,000

Federal Tax

Select your filing status.

-$288,000,000

State Tax

Select your state.

-$57,600,000

Net Jackpot After Tax

$854,400,001

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $18,061,722 $866,963 $4,334,813 $12,859,946
2 $18,964,808 $910,311 $4,551,554 $13,502,943
3 $19,913,049 $955,826 $4,779,132 $14,178,091
4 $20,908,701 $1,003,618 $5,018,088 $14,886,995
5 $21,954,136 $1,053,799 $5,268,993 $15,631,345
6 $23,051,843 $1,106,488 $5,532,442 $16,412,912
7 $24,204,435 $1,161,813 $5,809,064 $17,233,558
8 $25,414,657 $1,219,904 $6,099,518 $18,095,236
9 $26,685,390 $1,280,899 $6,404,494 $18,999,997
10 $28,019,659 $1,344,944 $6,724,718 $19,949,997
11 $29,420,642 $1,412,191 $7,060,954 $20,947,497
12 $30,891,674 $1,482,800 $7,414,002 $21,994,872
13 $32,436,258 $1,556,940 $7,784,702 $23,094,616
14 $34,058,071 $1,634,787 $8,173,937 $24,249,346
15 $35,760,974 $1,716,527 $8,582,634 $25,461,814
16 $37,549,023 $1,802,353 $9,011,766 $26,734,904
17 $39,426,474 $1,892,471 $9,462,354 $28,071,650
18 $41,397,798 $1,987,094 $9,935,472 $29,475,232
19 $43,467,688 $2,086,449 $10,432,245 $30,948,994
20 $45,641,072 $2,190,771 $10,953,857 $32,496,443
21 $47,923,126 $2,300,310 $11,501,550 $34,121,266
22 $50,319,282 $2,415,326 $12,076,628 $35,827,329
23 $52,835,246 $2,536,092 $12,680,459 $37,618,695
24 $55,477,009 $2,662,896 $13,314,482 $39,499,630
25 $58,250,859 $2,796,041 $13,980,206 $41,474,612
26 $61,163,402 $2,935,843 $14,679,216 $43,548,342
27 $64,221,572 $3,082,635 $15,413,177 $45,725,759
28 $67,432,651 $3,236,767 $16,183,836 $48,012,047
29 $70,804,283 $3,398,606 $16,993,028 $50,412,650
30 $74,344,497 $3,568,536 $17,842,679 $52,933,282
Total $1,200,000,000 $57,600,000 $288,000,000 $854,400,001

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.