Powerball Annuity Payment Schedule

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

Current Powerball jackpot

Wednesday, Jul 10, 2024

$41,000,000

Federal tax

Select your filing status.

-$9,840,000

State tax

Select your state.

-$1,968,000

Net jackpot after tax

$29,192,000

Payment schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $617,109 $29,621 $148,106 $439,381
2 $647,964 $31,102 $155,511 $461,351
3 $680,362 $32,657 $163,287 $484,418
4 $714,381 $34,290 $171,451 $508,639
5 $750,100 $36,005 $180,024 $534,071
6 $787,605 $37,805 $189,025 $560,774
7 $826,985 $39,695 $198,476 $588,813
8 $868,334 $41,680 $208,400 $618,254
9 $911,751 $43,764 $218,820 $649,167
10 $957,338 $45,952 $229,761 $681,625
11 $1,005,205 $48,250 $241,249 $715,706
12 $1,055,466 $50,662 $253,312 $751,491
13 $1,108,239 $53,195 $265,977 $789,066
14 $1,163,651 $55,855 $279,276 $828,519
15 $1,221,833 $58,648 $293,240 $869,945
16 $1,282,925 $61,580 $307,902 $913,443
17 $1,347,071 $64,659 $323,297 $959,115
18 $1,414,425 $67,892 $339,462 $1,007,070
19 $1,485,146 $71,287 $356,435 $1,057,424
20 $1,559,403 $74,851 $374,257 $1,110,295
21 $1,637,373 $78,594 $392,970 $1,165,810
22 $1,719,242 $82,524 $412,618 $1,224,100
23 $1,805,204 $86,650 $433,249 $1,285,305
24 $1,895,464 $90,982 $454,911 $1,349,571
25 $1,990,238 $95,531 $477,657 $1,417,049
26 $2,089,750 $100,308 $501,540 $1,487,902
27 $2,194,237 $105,323 $526,617 $1,562,297
28 $2,303,949 $110,590 $552,948 $1,640,412
29 $2,419,146 $116,119 $580,595 $1,722,432
30 $2,540,104 $121,925 $609,625 $1,808,554
Total $41,000,000 $1,968,000 $9,840,000 $29,192,000

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.