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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 $120,000,000 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, Sep 2, 2015
Jackpot:$120,000,000
Federal Tax:  25%
State Tax:3.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,139,612$534,903$72,747$1,531,962
2$2,225,196$556,299$75,657$1,593,241
3$2,314,204$578,551$78,683$1,656,970
4$2,406,772$601,693$81,830$1,723,249
5$2,503,043$625,761$85,103$1,792,179
6$2,603,165$650,791$88,508$1,863,866
7$2,707,292$676,823$92,048$1,938,421
8$2,815,583$703,896$95,730$2,015,958
9$2,928,207$732,052$99,559$2,096,596
10$3,045,335$761,334$103,541$2,180,460
11$3,167,148$791,787$107,683$2,267,678
12$3,293,834$823,459$111,990$2,358,385
13$3,425,588$856,397$116,470$2,452,721
14$3,562,611$890,653$121,129$2,550,830
15$3,705,116$926,279$125,974$2,652,863
16$3,853,320$963,330$131,013$2,758,977
17$4,007,453$1,001,863$136,253$2,869,336
18$4,167,751$1,041,938$141,704$2,984,110
19$4,334,461$1,083,615$147,372$3,103,474
20$4,507,840$1,126,960$153,267$3,227,613
21$4,688,153$1,172,038$159,397$3,356,718
22$4,875,679$1,218,920$165,773$3,490,986
23$5,070,706$1,267,677$172,404$3,630,626
24$5,273,535$1,318,384$179,300$3,775,851
25$5,484,476$1,371,119$186,472$3,926,885
26$5,703,855$1,425,964$193,931$4,083,960
27$5,932,009$1,483,002$201,688$4,247,319
28$6,169,290$1,542,322$209,756$4,417,211
29$6,416,061$1,604,015$218,146$4,593,900
30$6,672,704$1,668,176$226,872$4,777,656
Total$120,000,000$30,000,000$4,080,000$85,920,000
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