Powerball Annuity Payment Schedule

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

Current Powerball Jackpot

Wednesday, Mar 22, 2023

$96,000,000

Federal Tax

Select your filing status.

-$23,040,000

State Tax

Select your state.

-$4,608,000

Net Jackpot After Tax

$68,352,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $1,444,938 $69,357 $346,785 $1,028,796
2 $1,517,185 $72,825 $364,124 $1,080,235
3 $1,593,044 $76,466 $382,331 $1,134,247
4 $1,672,696 $80,289 $401,447 $1,190,960
5 $1,756,331 $84,304 $421,519 $1,250,508
6 $1,844,147 $88,519 $442,595 $1,313,033
7 $1,936,355 $92,945 $464,725 $1,378,685
8 $2,033,173 $97,592 $487,961 $1,447,619
9 $2,134,831 $102,472 $512,359 $1,520,000
10 $2,241,573 $107,595 $537,977 $1,596,000
11 $2,353,651 $112,975 $564,876 $1,675,800
12 $2,471,334 $118,624 $593,120 $1,759,590
13 $2,594,901 $124,555 $622,776 $1,847,569
14 $2,724,646 $130,783 $653,915 $1,939,948
15 $2,860,878 $137,322 $686,611 $2,036,945
16 $3,003,922 $144,188 $720,941 $2,138,792
17 $3,154,118 $151,398 $756,988 $2,245,732
18 $3,311,824 $158,968 $794,838 $2,358,019
19 $3,477,415 $166,916 $834,580 $2,475,919
20 $3,651,286 $175,262 $876,309 $2,599,715
21 $3,833,850 $184,025 $920,124 $2,729,701
22 $4,025,543 $193,226 $966,130 $2,866,186
23 $4,226,820 $202,887 $1,014,437 $3,009,496
24 $4,438,161 $213,032 $1,065,159 $3,159,970
25 $4,660,069 $223,683 $1,118,416 $3,317,969
26 $4,893,072 $234,867 $1,174,337 $3,483,867
27 $5,137,726 $246,611 $1,233,054 $3,658,061
28 $5,394,612 $258,941 $1,294,707 $3,840,964
29 $5,664,343 $271,888 $1,359,442 $4,033,012
30 $5,947,560 $285,483 $1,427,414 $4,234,663
Total $96,000,000 $4,608,000 $23,040,000 $68,352,000

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.