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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 $157,000,000 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, Feb 10, 2016
Jackpot:$157,000,000
Federal Tax:  25%
State Tax:3.40%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,363,075$590,769$80,345$1,691,962
2$2,481,229$620,307$84,362$1,776,560
3$2,605,290$651,323$88,580$1,865,388
4$2,735,555$683,889$93,009$1,958,657
5$2,872,333$718,083$97,659$2,056,590
6$3,015,949$753,987$102,542$2,159,420
7$3,166,747$791,687$107,669$2,267,391
8$3,325,084$831,271$113,053$2,380,760
9$3,491,339$872,835$118,706$2,499,798
10$3,665,905$916,476$124,641$2,624,788
11$3,849,201$962,300$130,873$2,756,028
12$4,041,661$1,010,415$137,416$2,893,829
13$4,243,744$1,060,936$144,287$3,038,521
14$4,455,931$1,113,983$151,502$3,190,447
15$4,678,727$1,169,682$159,077$3,349,969
16$4,912,664$1,228,166$167,031$3,517,467
17$5,158,297$1,289,574$175,382$3,693,341
18$5,416,212$1,354,053$184,151$3,878,008
19$5,687,022$1,421,756$193,359$4,071,908
20$5,971,374$1,492,843$203,027$4,275,504
21$6,269,942$1,567,486$213,178$4,489,279
22$6,583,439$1,645,860$223,837$4,713,743
23$6,912,611$1,728,153$235,029$4,949,430
24$7,258,242$1,814,560$246,780$5,196,901
25$7,621,154$1,905,288$259,119$5,456,746
26$8,002,212$2,000,553$272,075$5,729,584
27$8,402,322$2,100,581$285,679$6,016,063
28$8,822,438$2,205,610$299,963$6,316,866
29$9,263,560$2,315,890$314,961$6,632,709
30$9,726,738$2,431,685$330,709$6,964,345
Total$157,000,000$39,250,000$5,338,000$112,412,000
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