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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 $108,000,000 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, Jun 22, 2019
Jackpot:$108,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,625,555$390,133$52,505$1,182,916
2$1,706,833$409,640$55,131$1,242,062
3$1,792,174$430,122$57,887$1,304,165
4$1,881,783$451,628$60,782$1,369,374
5$1,975,872$474,209$63,821$1,437,842
6$2,074,666$497,920$67,012$1,509,734
7$2,178,399$522,816$70,362$1,585,221
8$2,287,319$548,957$73,880$1,664,482
9$2,401,685$576,404$77,574$1,747,706
10$2,521,769$605,225$81,453$1,835,092
11$2,647,858$635,486$85,526$1,926,846
12$2,780,251$667,260$89,802$2,023,188
13$2,919,263$700,623$94,292$2,124,348
14$3,065,226$735,654$99,007$2,230,565
15$3,218,488$772,437$103,957$2,342,093
16$3,379,412$811,059$109,155$2,459,198
17$3,548,383$851,612$114,613$2,582,158
18$3,725,802$894,192$120,343$2,711,266
19$3,912,092$938,902$126,361$2,846,829
20$4,107,697$985,847$132,679$2,989,171
21$4,313,081$1,035,140$139,313$3,138,629
22$4,528,735$1,086,896$146,278$3,295,561
23$4,755,172$1,141,241$153,592$3,460,339
24$4,992,931$1,198,303$161,272$3,633,356
25$5,242,577$1,258,219$169,335$3,815,023
26$5,504,706$1,321,129$177,802$4,005,775
27$5,779,942$1,387,186$186,692$4,206,063
28$6,068,939$1,456,545$196,027$4,416,367
29$6,372,385$1,529,373$205,828$4,637,185
30$6,691,005$1,605,841$216,119$4,869,044
Total$108,000,000$25,920,000$3,488,400$78,591,600
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