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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 $158,000,000 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 8, 2020
Jackpot:$158,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,378,127$570,750$76,813$1,730,563
2$2,497,033$599,288$80,654$1,817,091
3$2,621,885$629,252$84,687$1,907,946
4$2,752,979$660,715$88,921$2,003,343
5$2,890,628$693,751$93,367$2,103,510
6$3,035,159$728,438$98,036$2,208,685
7$3,186,917$764,860$102,937$2,319,120
8$3,346,263$803,103$108,084$2,435,076
9$3,513,576$843,258$113,489$2,556,830
10$3,689,255$885,421$119,163$2,684,671
11$3,873,718$929,692$125,121$2,818,905
12$4,067,404$976,177$131,377$2,959,850
13$4,270,774$1,024,986$137,946$3,107,842
14$4,484,313$1,076,235$144,843$3,263,234
15$4,708,528$1,130,047$152,085$3,426,396
16$4,943,955$1,186,549$159,690$3,597,716
17$5,191,152$1,245,877$167,674$3,777,602
18$5,450,710$1,308,170$176,058$3,966,482
19$5,723,246$1,373,579$184,861$4,164,806
20$6,009,408$1,442,258$194,104$4,373,046
21$6,309,878$1,514,371$203,809$4,591,698
22$6,625,372$1,590,089$214,000$4,821,283
23$6,956,641$1,669,594$224,699$5,062,347
24$7,304,473$1,753,073$235,934$5,315,465
25$7,669,696$1,840,727$247,731$5,581,238
26$8,053,181$1,932,764$260,118$5,860,300
27$8,455,840$2,029,402$273,124$6,153,315
28$8,878,632$2,130,872$286,780$6,460,981
29$9,322,564$2,237,415$301,119$6,784,030
30$9,788,692$2,349,286$316,175$7,123,231
Total$158,000,000$37,920,000$5,103,400$114,976,600
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