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Pennsylvania Powerball Jackpot Annuity Payout Schedule for Feb 21, 2024

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $348,000,000 for a ticket purchased in Pennsylvania, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Pennsylvania

Drawing Date:Wed, Feb 21, 2024
Jackpot:$348,000,000
Federal Tax:37% marginal rate
State Tax: 3.07%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,237,899$1,896,211$160,804$3,180,885
2$5,499,794$1,993,112$168,844$3,337,839
3$5,774,784$2,094,858$177,286$3,502,640
4$6,063,523$2,201,691$186,150$3,675,682
5$6,366,699$2,313,866$195,458$3,857,375
6$6,685,034$2,431,650$205,231$4,048,153
7$7,019,286$2,555,324$215,492$4,248,471
8$7,370,251$2,685,180$226,267$4,458,803
9$7,738,763$2,821,530$237,580$4,679,653
10$8,125,701$2,964,697$249,459$4,911,545
11$8,531,986$3,115,023$261,932$5,155,032
12$8,958,586$3,272,864$275,029$5,410,693
13$9,406,515$3,438,598$288,780$5,679,137
14$9,876,841$3,612,619$303,219$5,961,003
15$10,370,683$3,795,340$318,380$6,256,962
16$10,889,217$3,987,198$334,299$6,567,720
17$11,433,677$4,188,648$351,014$6,894,015
18$12,005,361$4,400,171$368,565$7,236,625
19$12,605,629$4,622,271$386,993$7,596,366
20$13,235,911$4,855,475$406,342$7,974,094
21$13,897,706$5,100,339$426,660$8,370,708
22$14,592,592$5,357,447$447,993$8,787,153
23$15,322,221$5,627,410$470,392$9,224,420
24$16,088,332$5,910,871$493,912$9,683,550
25$16,892,749$6,208,505$518,607$10,165,637
26$17,737,387$6,521,021$544,538$10,671,828
27$18,624,256$6,849,162$571,765$11,203,329
28$19,555,469$7,193,711$600,353$11,761,405
29$20,533,242$7,555,487$630,371$12,347,384
30$21,559,904$7,935,352$661,889$12,962,663
Total$348,000,001$127,505,631$10,683,604$209,810,770

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.