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Powerball Annuity Jackpot Analysis for Indiana (Jan. 5, 2019 Drawing)

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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 $69,000,000 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:  Jan. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$33,545$755,752
2$1,090,476$261,714$35,222$793,540
3$1,145,000$274,800$36,984$833,217
4$1,202,250$288,540$38,833$874,878
5$1,262,363$302,967$40,774$918,621
6$1,325,481$318,115$42,813$964,552
7$1,391,755$334,021$44,954$1,012,780
8$1,461,343$350,722$47,201$1,063,419
9$1,534,410$368,258$49,561$1,116,590
10$1,611,130$386,671$52,040$1,172,420
11$1,691,687$406,005$54,641$1,231,041
12$1,776,271$426,305$57,374$1,292,593
13$1,865,085$447,620$60,242$1,357,222
14$1,958,339$470,001$63,254$1,425,083
15$2,056,256$493,501$66,417$1,496,338
16$2,159,069$518,177$69,738$1,571,154
17$2,267,022$544,085$73,225$1,649,712
18$2,380,373$571,290$76,886$1,732,198
19$2,499,392$599,854$80,730$1,818,808
20$2,624,362$629,847$84,767$1,909,748
21$2,755,580$661,339$89,005$2,005,235
22$2,893,359$694,406$93,455$2,105,497
23$3,038,027$729,126$98,128$2,210,772
24$3,189,928$765,583$103,035$2,321,311
25$3,349,424$803,862$108,186$2,437,376
26$3,516,896$844,055$113,596$2,559,245
27$3,692,740$886,258$119,276$2,687,207
28$3,877,377$930,571$125,239$2,821,568
29$4,071,246$977,099$131,501$2,962,646
30$4,274,809$1,025,954$138,076$3,110,778
Total$69,000,000$16,560,000$2,228,700$50,211,300
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