Powerball Annuity Payment Schedule

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

Current Powerball Jackpot

Monday, Jan 15, 2024

$88,000,000

Federal Tax

Select your filing status.

-$21,120,000

State Tax

Select your state.

-$4,224,000

Net Jackpot After Tax

$62,656,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $1,324,526 $63,577 $317,886 $943,063
2 $1,390,753 $66,756 $333,781 $990,216
3 $1,460,290 $70,094 $350,470 $1,039,727
4 $1,533,305 $73,599 $367,993 $1,091,713
5 $1,609,970 $77,279 $386,393 $1,146,299
6 $1,690,468 $81,142 $405,712 $1,203,614
7 $1,774,992 $85,200 $425,998 $1,263,794
8 $1,863,742 $89,460 $447,298 $1,326,984
9 $1,956,929 $93,933 $469,663 $1,393,333
10 $2,054,775 $98,629 $493,146 $1,463,000
11 $2,157,514 $103,561 $517,803 $1,536,150
12 $2,265,389 $108,739 $543,693 $1,612,957
13 $2,378,659 $114,176 $570,878 $1,693,605
14 $2,497,592 $119,884 $599,422 $1,778,285
15 $2,622,471 $125,879 $629,393 $1,867,200
16 $2,753,595 $132,173 $660,863 $1,960,560
17 $2,891,275 $138,781 $693,906 $2,058,588
18 $3,035,839 $145,720 $728,601 $2,161,517
19 $3,187,630 $153,006 $765,031 $2,269,593
20 $3,347,012 $160,657 $803,283 $2,383,073
21 $3,514,363 $168,689 $843,447 $2,502,226
22 $3,690,081 $177,124 $885,619 $2,627,337
23 $3,874,585 $185,980 $929,900 $2,758,704
24 $4,068,314 $195,279 $976,395 $2,896,640
25 $4,271,730 $205,043 $1,025,215 $3,041,472
26 $4,485,316 $215,295 $1,076,476 $3,193,545
27 $4,709,582 $226,060 $1,130,300 $3,353,222
28 $4,945,061 $237,363 $1,186,815 $3,520,883
29 $5,192,314 $249,231 $1,246,155 $3,696,928
30 $5,451,930 $261,693 $1,308,463 $3,881,774
Total $88,000,000 $4,224,000 $21,120,000 $62,656,000

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.