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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 $127,000,000 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, Oct 31, 2020
Jackpot:$127,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$458,768$61,742$1,391,022
2$2,007,109$481,706$64,830$1,460,573
3$2,107,464$505,791$68,071$1,533,602
4$2,212,838$531,081$71,475$1,610,282
5$2,323,479$557,635$75,048$1,690,796
6$2,439,653$585,517$78,801$1,775,336
7$2,561,636$614,793$82,741$1,864,103
8$2,689,718$645,532$86,878$1,957,308
9$2,824,204$677,809$91,222$2,055,173
10$2,965,414$711,699$95,783$2,157,932
11$3,113,685$747,284$100,572$2,265,828
12$3,269,369$784,649$105,601$2,379,120
13$3,432,837$823,881$110,881$2,498,076
14$3,604,479$865,075$116,425$2,622,980
15$3,784,703$908,329$122,246$2,754,128
16$3,973,938$953,745$128,358$2,891,835
17$4,172,635$1,001,432$134,776$3,036,427
18$4,381,267$1,051,504$141,515$3,188,248
19$4,600,330$1,104,079$148,591$3,347,660
20$4,830,347$1,159,283$156,020$3,515,043
21$5,071,864$1,217,247$163,821$3,690,796
22$5,325,457$1,278,110$172,012$3,875,335
23$5,591,730$1,342,015$180,613$4,069,102
24$5,871,317$1,409,116$189,644$4,272,557
25$6,164,883$1,479,572$199,126$4,486,185
26$6,473,127$1,553,550$209,082$4,710,494
27$6,796,783$1,631,228$219,536$4,946,019
28$7,136,622$1,712,789$230,513$5,193,320
29$7,493,453$1,798,429$242,039$5,452,986
30$7,868,126$1,888,350$254,140$5,725,635
Total$127,000,000$30,480,000$4,102,100$92,417,900
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