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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 $67,000,000 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, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:3.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$34,287$722,047
2$1,058,868$264,717$36,002$758,150
3$1,111,812$277,953$37,802$796,057
4$1,167,403$291,851$39,692$835,860
5$1,225,773$306,443$41,676$877,653
6$1,287,061$321,765$43,760$921,536
7$1,351,414$337,854$45,948$967,613
8$1,418,985$354,746$48,245$1,015,993
9$1,489,934$372,484$50,658$1,066,793
10$1,564,431$391,108$53,191$1,120,133
11$1,642,653$410,663$55,850$1,176,139
12$1,724,785$431,196$58,643$1,234,946
13$1,811,024$452,756$61,575$1,296,693
14$1,901,576$475,394$64,654$1,361,528
15$1,996,654$499,164$67,886$1,429,605
16$2,096,487$524,122$71,281$1,501,085
17$2,201,311$550,328$74,845$1,576,139
18$2,311,377$577,844$78,587$1,654,946
19$2,426,946$606,736$82,516$1,737,693
20$2,548,293$637,073$86,642$1,824,578
21$2,675,708$668,927$90,974$1,915,807
22$2,809,493$702,373$95,523$2,011,597
23$2,949,968$737,492$100,299$2,112,177
24$3,097,466$774,367$105,314$2,217,786
25$3,252,340$813,085$110,580$2,328,675
26$3,414,957$853,739$116,109$2,445,109
27$3,585,704$896,426$121,914$2,567,364
28$3,764,990$941,247$128,010$2,695,733
29$3,953,239$988,310$134,410$2,830,519
30$4,150,901$1,037,725$141,131$2,972,045
Total$67,000,000$16,750,000$2,278,000$47,972,000
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