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 22, 2023

$179,000,000

Federal Tax

Select your filing status.

-$42,960,000

State Tax

Select your state.

-$8,592,000

Net Jackpot After Tax

$127,448,000

Payment Schedule

Payment Number Gross Payment State Tax for AZ Federal Tax Net Payment
1 $2,694,207 $129,322 $646,610 $1,918,275
2 $2,828,917 $135,788 $678,940 $2,014,189
3 $2,970,363 $142,577 $712,887 $2,114,899
4 $3,118,881 $149,706 $748,531 $2,220,643
5 $3,274,825 $157,192 $785,958 $2,331,676
6 $3,438,567 $165,051 $825,256 $2,448,259
7 $3,610,495 $173,304 $866,519 $2,570,672
8 $3,791,020 $181,969 $909,845 $2,699,206
9 $3,980,571 $191,067 $955,337 $2,834,166
10 $4,179,599 $200,621 $1,003,104 $2,975,875
11 $4,388,579 $210,652 $1,053,259 $3,124,668
12 $4,608,008 $221,184 $1,105,922 $3,280,902
13 $4,838,408 $232,244 $1,161,218 $3,444,947
14 $5,080,329 $243,856 $1,219,279 $3,617,194
15 $5,334,345 $256,049 $1,280,243 $3,798,054
16 $5,601,063 $268,851 $1,344,255 $3,987,957
17 $5,881,116 $282,294 $1,411,468 $4,187,354
18 $6,175,172 $296,408 $1,482,041 $4,396,722
19 $6,483,930 $311,229 $1,556,143 $4,616,558
20 $6,808,127 $326,790 $1,633,950 $4,847,386
21 $7,148,533 $343,130 $1,715,648 $5,089,755
22 $7,505,960 $360,286 $1,801,430 $5,344,243
23 $7,881,258 $378,300 $1,891,502 $5,611,455
24 $8,275,320 $397,215 $1,986,077 $5,892,028
25 $8,689,086 $417,076 $2,085,381 $6,186,630
26 $9,123,541 $437,930 $2,189,650 $6,495,961
27 $9,579,718 $459,826 $2,299,132 $6,820,759
28 $10,058,704 $482,818 $2,414,089 $7,161,797
29 $10,561,639 $506,959 $2,534,793 $7,519,887
30 $11,089,721 $532,307 $2,661,533 $7,895,881
Total $179,000,000 $8,592,000 $42,960,000 $127,448,000

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.