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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 $50,000,000 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, Aug 24, 2019
Jackpot:$50,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$752,572$180,617$24,308$547,646
2$790,200$189,648$25,523$575,029
3$829,710$199,130$26,800$603,780
4$871,196$209,087$28,140$633,969
5$914,756$219,541$29,547$665,668
6$960,493$230,518$31,024$698,951
7$1,008,518$242,044$32,575$733,899
8$1,058,944$254,147$34,204$770,594
9$1,111,891$266,854$35,914$809,123
10$1,167,486$280,197$37,710$849,579
11$1,225,860$294,206$39,595$892,058
12$1,287,153$308,917$41,575$936,661
13$1,351,511$324,363$43,654$983,494
14$1,419,086$340,581$45,836$1,032,669
15$1,490,041$357,610$48,128$1,084,303
16$1,564,543$375,490$50,535$1,138,518
17$1,642,770$394,265$53,061$1,195,444
18$1,724,908$413,978$55,715$1,255,216
19$1,811,154$434,677$58,500$1,317,977
20$1,901,711$456,411$61,425$1,383,875
21$1,996,797$479,231$64,497$1,453,069
22$2,096,637$503,193$67,721$1,525,723
23$2,201,469$528,352$71,107$1,602,009
24$2,311,542$554,770$74,663$1,682,109
25$2,427,119$582,509$78,396$1,766,215
26$2,548,475$611,634$82,316$1,854,525
27$2,675,899$642,216$86,432$1,947,252
28$2,809,694$674,327$90,753$2,044,614
29$2,950,178$708,043$95,291$2,146,845
30$3,097,687$743,445$100,055$2,254,187
Total$50,000,000$12,000,000$1,615,000$36,385,000
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