Powerball Annuity Payment Schedule

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

Current Powerball jackpot

Saturday, Apr 20, 2024

$98,000,000

Federal tax

Select your filing status.

-$23,520,000

State tax

Select your state.

-$4,704,000

Net jackpot after tax

$69,776,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $1,475,041 $70,802 $354,010 $1,050,229
2 $1,548,793 $74,342 $371,710 $1,102,740
3 $1,626,232 $78,059 $390,296 $1,157,877
4 $1,707,544 $81,962 $409,811 $1,215,771
5 $1,792,921 $86,060 $430,301 $1,276,560
6 $1,882,567 $90,363 $451,816 $1,340,388
7 $1,976,696 $94,881 $474,407 $1,407,407
8 $2,075,530 $99,625 $498,127 $1,477,778
9 $2,179,307 $104,607 $523,034 $1,551,666
10 $2,288,272 $109,837 $549,185 $1,629,250
11 $2,402,686 $115,329 $576,645 $1,710,712
12 $2,522,820 $121,095 $605,477 $1,796,248
13 $2,648,961 $127,150 $635,751 $1,886,060
14 $2,781,409 $133,508 $667,538 $1,980,363
15 $2,920,480 $140,183 $700,915 $2,079,381
16 $3,066,504 $147,192 $735,961 $2,183,351
17 $3,219,829 $154,552 $772,759 $2,292,518
18 $3,380,820 $162,279 $811,397 $2,407,144
19 $3,549,861 $170,393 $851,967 $2,527,501
20 $3,727,354 $178,913 $894,565 $2,653,876
21 $3,913,722 $187,859 $939,293 $2,786,570
22 $4,109,408 $197,252 $986,258 $2,925,899
23 $4,314,878 $207,114 $1,035,571 $3,072,193
24 $4,530,622 $217,470 $1,087,349 $3,225,803
25 $4,757,153 $228,343 $1,141,717 $3,387,093
26 $4,995,011 $239,761 $1,198,803 $3,556,448
27 $5,244,762 $251,749 $1,258,743 $3,734,270
28 $5,507,000 $264,336 $1,321,680 $3,920,984
29 $5,782,350 $277,553 $1,387,764 $4,117,033
30 $6,071,467 $291,430 $1,457,152 $4,322,885
Total $98,000,000 $4,704,000 $23,520,000 $69,776,000

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.