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Powerball Annuity Jackpot Analysis for Indiana

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $50,000,000 would be for a resident of Indiana, 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 final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Indiana

Drawing Date:  Sat, Jul 26, 2014
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:3.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$30,311$638,318
2$927,165$231,791$31,524$663,850
3$964,252$241,063$32,785$690,404
4$1,002,822$250,705$34,096$718,020
5$1,042,935$260,734$35,460$746,741
6$1,084,652$271,163$36,878$776,611
7$1,128,038$282,010$38,353$807,675
8$1,173,160$293,290$39,887$839,982
9$1,220,086$305,022$41,483$873,582
10$1,268,890$317,222$43,142$908,525
11$1,319,645$329,911$44,868$944,866
12$1,372,431$343,108$46,663$982,661
13$1,427,328$356,832$48,529$1,021,967
14$1,484,421$371,105$50,470$1,062,846
15$1,543,798$385,950$52,489$1,105,359
16$1,605,550$401,388$54,589$1,149,574
17$1,669,772$417,443$56,772$1,195,557
18$1,736,563$434,141$59,043$1,243,379
19$1,806,025$451,506$61,405$1,293,114
20$1,878,266$469,567$63,861$1,344,839
21$1,953,397$488,349$66,416$1,398,632
22$2,031,533$507,883$69,072$1,454,578
23$2,112,794$528,199$71,835$1,512,761
24$2,197,306$549,327$74,708$1,573,271
25$2,285,198$571,300$77,697$1,636,202
26$2,376,606$594,152$80,805$1,701,650
27$2,471,671$617,918$84,037$1,769,716
28$2,570,537$642,634$87,398$1,840,505
29$2,673,359$668,340$90,894$1,914,125
30$2,780,293$695,073$94,530$1,990,690
Total$50,000,000$12,500,000$1,700,000$35,800,000
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