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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 $125,000,000 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, May 30, 2020
Jackpot:$125,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,881,429$451,543$60,770$1,369,116
2$1,975,501$474,120$63,809$1,437,572
3$2,074,276$497,826$66,999$1,509,451
4$2,177,990$522,718$70,349$1,584,923
5$2,286,889$548,853$73,867$1,664,169
6$2,401,234$576,296$77,560$1,747,378
7$2,521,295$605,111$81,438$1,834,747
8$2,647,360$635,366$85,510$1,926,484
9$2,779,728$667,135$89,785$2,022,808
10$2,918,715$700,491$94,274$2,123,949
11$3,064,650$735,516$98,988$2,230,146
12$3,217,883$772,292$103,938$2,341,653
13$3,378,777$810,906$109,134$2,458,736
14$3,547,716$851,452$114,591$2,581,673
15$3,725,102$894,024$120,321$2,710,756
16$3,911,357$938,726$126,337$2,846,294
17$4,106,924$985,662$132,654$2,988,609
18$4,312,271$1,034,945$139,286$3,138,039
19$4,527,884$1,086,692$146,251$3,294,941
20$4,754,278$1,141,027$153,563$3,459,688
21$4,991,992$1,198,078$161,241$3,632,673
22$5,241,592$1,257,982$169,303$3,814,306
23$5,503,672$1,320,881$177,769$4,005,022
24$5,778,855$1,386,925$186,657$4,205,273
25$6,067,798$1,456,271$195,990$4,415,536
26$6,371,188$1,529,085$205,789$4,636,313
27$6,689,747$1,605,539$216,079$4,868,129
28$7,024,234$1,685,816$226,883$5,111,535
29$7,375,446$1,770,107$238,227$5,367,112
30$7,744,219$1,858,612$250,138$5,635,468
Total$125,000,000$30,000,000$4,037,500$90,962,500
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