Powerball Annuity Payment Schedule

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

Current Powerball jackpot

Wednesday, Oct 30, 2024

$39,000,000

Federal tax

Select your filing status.

-$9,360,000

State tax

Select your state.

-$1,872,000

Net jackpot after tax

$27,768,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $587,006 $28,176 $140,881 $417,948
2 $616,356 $29,585 $147,926 $438,846
3 $647,174 $31,064 $155,322 $460,788
4 $679,533 $32,618 $163,088 $483,827
5 $713,509 $34,248 $171,242 $508,019
6 $749,185 $35,961 $179,804 $533,420
7 $786,644 $37,759 $188,795 $560,091
8 $825,976 $39,647 $198,234 $588,095
9 $867,275 $41,629 $208,146 $617,500
10 $910,639 $43,711 $218,553 $648,375
11 $956,171 $45,896 $229,481 $680,794
12 $1,003,979 $48,191 $240,955 $714,833
13 $1,054,178 $50,601 $253,003 $750,575
14 $1,106,887 $53,131 $265,653 $788,104
15 $1,162,232 $55,787 $278,936 $827,509
16 $1,220,343 $58,576 $292,882 $868,884
17 $1,281,360 $61,505 $307,526 $912,329
18 $1,345,428 $64,581 $322,903 $957,945
19 $1,412,700 $67,810 $339,048 $1,005,842
20 $1,483,335 $71,200 $356,000 $1,056,134
21 $1,557,502 $74,760 $373,800 $1,108,941
22 $1,635,377 $78,498 $392,490 $1,164,388
23 $1,717,146 $82,423 $412,115 $1,222,608
24 $1,803,003 $86,544 $432,721 $1,283,738
25 $1,893,153 $90,871 $454,357 $1,347,925
26 $1,987,811 $95,415 $477,075 $1,415,321
27 $2,087,201 $100,186 $500,928 $1,486,087
28 $2,191,561 $105,195 $525,975 $1,560,392
29 $2,301,139 $110,455 $552,273 $1,638,411
30 $2,416,196 $115,977 $579,887 $1,720,332
Total $39,000,000 $1,872,000 $9,360,000 $27,768,000

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.