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Powerball Annuity Jackpot Analysis for Indiana (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,175,019$1,722,005$231,753$5,221,261
2$7,533,770$1,808,105$243,341$5,482,325
3$7,910,458$1,898,510$255,508$5,756,441
4$8,305,982$1,993,436$268,283$6,044,263
5$8,721,280$2,093,107$281,697$6,346,476
6$9,157,345$2,197,763$295,782$6,663,800
7$9,615,212$2,307,651$310,571$6,996,990
8$10,095,973$2,423,033$326,100$7,346,839
9$10,600,771$2,544,185$342,405$7,714,181
10$11,130,810$2,671,394$359,525$8,099,890
11$11,687,350$2,804,964$377,501$8,504,885
12$12,271,718$2,945,212$396,376$8,930,129
13$12,885,303$3,092,473$416,195$9,376,635
14$13,529,569$3,247,097$437,005$9,845,467
15$14,206,047$3,409,451$458,855$10,337,740
16$14,916,350$3,579,924$481,798$10,854,628
17$15,662,167$3,758,920$505,888$11,397,359
18$16,445,275$3,946,866$531,182$11,967,227
19$17,267,539$4,144,209$557,742$12,565,588
20$18,130,916$4,351,420$585,629$13,193,868
21$19,037,462$4,568,991$614,910$13,853,561
22$19,989,335$4,797,440$645,656$14,546,239
23$20,988,802$5,037,312$677,938$15,273,551
24$22,038,241$5,289,178$711,835$16,037,228
25$23,140,153$5,553,637$747,427$16,839,090
26$24,297,162$5,831,319$784,798$17,681,044
27$25,512,020$6,122,885$824,038$18,565,097
28$26,787,620$6,429,029$865,240$19,493,351
29$28,127,001$6,750,480$908,502$20,468,019
30$29,533,352$7,088,004$953,927$21,491,420
Total$476,700,001$114,408,000$15,397,410$346,894,591
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