Powerball Annuity Payment Schedule

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

Current Powerball Jackpot

Monday, Nov 28, 2022

$56,000,000

Federal Tax

Select your filing status.

-$13,440,007

State Tax

Select your state.

-$2,688,000

Net Jackpot After Tax

$39,871,993

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $842,880 $40,458 $202,292 $600,131
2 $885,024 $42,481 $212,406 $630,137
3 $929,276 $44,605 $223,026 $661,644
4 $975,739 $46,835 $234,178 $694,726
5 $1,024,526 $49,177 $245,887 $729,463
6 $1,075,753 $51,636 $258,181 $765,936
7 $1,129,540 $54,218 $271,090 $804,232
8 $1,186,017 $56,929 $284,644 $844,444
9 $1,245,318 $59,775 $298,877 $886,666
10 $1,307,584 $62,764 $313,820 $931,000
11 $1,372,963 $65,902 $329,511 $977,550
12 $1,441,611 $69,197 $345,987 $1,026,427
13 $1,513,692 $72,657 $363,286 $1,077,748
14 $1,589,377 $76,290 $381,451 $1,131,636
15 $1,668,845 $80,105 $400,523 $1,188,218
16 $1,752,288 $84,110 $420,549 $1,247,629
17 $1,839,902 $88,315 $441,577 $1,310,010
18 $1,931,897 $92,731 $463,656 $1,375,511
19 $2,028,492 $97,368 $486,838 $1,444,286
20 $2,129,917 $102,236 $511,180 $1,516,500
21 $2,236,413 $107,348 $536,739 $1,592,325
22 $2,348,233 $112,715 $563,576 $1,671,942
23 $2,465,645 $118,351 $591,755 $1,755,539
24 $2,588,927 $124,268 $621,343 $1,843,316
25 $2,718,373 $130,482 $652,410 $1,935,482
26 $2,854,292 $137,006 $685,030 $2,032,256
27 $2,997,007 $143,856 $719,282 $2,133,869
28 $3,146,857 $151,049 $755,246 $2,240,562
29 $3,304,200 $158,602 $793,008 $2,352,590
30 $3,469,410 $166,532 $832,659 $2,470,220
Total $56,000,000 $2,688,000 $13,440,007 $39,871,993

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.