Powerball Annuity Payment Schedule

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

Current Powerball jackpot

Monday, May 13, 2024

$47,000,000

Federal tax

Select your filing status.

-$11,280,000

State tax

Select your state.

-$2,256,000

Net jackpot after tax

$33,464,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $707,417 $33,956 $169,780 $503,681
2 $742,788 $35,654 $178,269 $528,865
3 $779,928 $37,437 $187,183 $555,309
4 $818,924 $39,308 $196,542 $583,074
5 $859,870 $41,274 $206,369 $612,228
6 $902,864 $43,337 $216,687 $642,839
7 $948,007 $45,504 $227,522 $674,981
8 $995,407 $47,780 $238,898 $708,730
9 $1,045,178 $50,169 $250,843 $744,167
10 $1,097,437 $52,677 $263,385 $781,375
11 $1,152,308 $55,311 $276,554 $820,444
12 $1,209,924 $58,076 $290,382 $861,466
13 $1,270,420 $60,980 $304,901 $904,539
14 $1,333,941 $64,029 $320,146 $949,766
15 $1,400,638 $67,231 $336,153 $997,254
16 $1,470,670 $70,592 $352,961 $1,047,117
17 $1,544,204 $74,122 $370,609 $1,099,473
18 $1,621,414 $77,828 $389,139 $1,154,447
19 $1,702,484 $81,719 $408,596 $1,212,169
20 $1,787,609 $85,805 $429,026 $1,272,777
21 $1,876,989 $90,095 $450,477 $1,336,416
22 $1,970,839 $94,600 $473,001 $1,403,237
23 $2,069,380 $99,330 $496,651 $1,473,399
24 $2,172,850 $104,297 $521,484 $1,547,069
25 $2,281,492 $109,512 $547,558 $1,624,422
26 $2,395,567 $114,987 $574,936 $1,705,643
27 $2,515,345 $120,737 $603,683 $1,790,926
28 $2,641,112 $126,773 $633,867 $1,880,472
29 $2,773,168 $133,112 $665,560 $1,974,495
30 $2,911,826 $139,768 $698,838 $2,073,220
Total $47,000,000 $2,256,000 $11,280,000 $33,464,000

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.