Powerball Annuity Payment Schedule

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

Current Powerball Jackpot

Wednesday, Jun 14, 2023

$340,000,000

Federal Tax

Select your filing status.

-$81,600,000

State Tax

Select your state.

-$16,320,000

Net Jackpot After Tax

$242,080,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $5,117,488 $245,639 $1,228,197 $3,643,651
2 $5,373,362 $257,921 $1,289,607 $3,825,834
3 $5,642,030 $270,817 $1,354,087 $4,017,126
4 $5,924,132 $284,358 $1,421,792 $4,217,982
5 $6,220,339 $298,576 $1,492,881 $4,428,881
6 $6,531,355 $313,505 $1,567,525 $4,650,325
7 $6,857,923 $329,180 $1,645,902 $4,882,841
8 $7,200,819 $345,639 $1,728,197 $5,126,983
9 $7,560,860 $362,921 $1,814,606 $5,383,333
10 $7,938,903 $381,067 $1,905,337 $5,652,499
11 $8,335,849 $400,121 $2,000,604 $5,935,124
12 $8,752,641 $420,127 $2,100,634 $6,231,880
13 $9,190,273 $441,133 $2,205,666 $6,543,474
14 $9,649,787 $463,190 $2,315,949 $6,870,648
15 $10,132,276 $486,349 $2,431,746 $7,214,181
16 $10,638,890 $510,667 $2,553,334 $7,574,890
17 $11,170,834 $536,200 $2,681,000 $7,953,634
18 $11,729,376 $563,010 $2,815,050 $8,351,316
19 $12,315,845 $591,161 $2,955,803 $8,768,882
20 $12,931,637 $620,719 $3,103,593 $9,207,326
21 $13,578,219 $651,755 $3,258,773 $9,667,692
22 $14,257,130 $684,342 $3,421,711 $10,151,077
23 $14,969,986 $718,559 $3,592,797 $10,658,630
24 $15,718,486 $754,487 $3,772,437 $11,191,562
25 $16,504,410 $792,212 $3,961,058 $11,751,140
26 $17,329,631 $831,822 $4,159,111 $12,338,697
27 $18,196,112 $873,413 $4,367,067 $12,955,632
28 $19,105,918 $917,084 $4,585,420 $13,603,413
29 $20,061,214 $962,938 $4,814,691 $14,283,584
30 $21,064,274 $1,011,085 $5,055,426 $14,997,763
Total $340,000,000 $16,320,000 $81,600,000 $242,080,000

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.