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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 $60,000,000 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:  Wed, Jul 30, 2014
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:3.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$267,451$36,373$765,981
2$1,112,598$278,150$37,828$796,620
3$1,157,102$289,276$39,341$828,485
4$1,203,386$300,847$40,915$861,625
5$1,251,522$312,880$42,552$896,089
6$1,301,583$325,396$44,254$931,933
7$1,353,646$338,411$46,024$969,210
8$1,407,792$351,948$47,865$1,007,979
9$1,464,103$366,026$49,780$1,048,298
10$1,522,667$380,667$51,771$1,090,230
11$1,583,574$395,894$53,842$1,133,839
12$1,646,917$411,729$55,995$1,179,193
13$1,712,794$428,198$58,235$1,226,360
14$1,781,306$445,326$60,564$1,275,415
15$1,852,558$463,139$62,987$1,326,431
16$1,926,660$481,665$65,506$1,379,489
17$2,003,726$500,932$68,127$1,434,668
18$2,083,876$520,969$70,852$1,492,055
19$2,167,231$541,808$73,686$1,551,737
20$2,253,920$563,480$76,633$1,613,807
21$2,344,077$586,019$79,699$1,678,359
22$2,437,840$609,460$82,887$1,745,493
23$2,535,353$633,838$86,202$1,815,313
24$2,636,767$659,192$89,650$1,887,925
25$2,742,238$685,560$93,236$1,963,442
26$2,851,928$712,982$96,966$2,041,980
27$2,966,005$741,501$100,844$2,123,659
28$3,084,645$771,161$104,878$2,208,606
29$3,208,031$802,008$109,073$2,296,950
30$3,336,352$834,088$113,436$2,388,828
Total$60,000,000$15,000,000$2,040,000$42,960,000
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