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Powerball Annuity Jackpot Analysis for Indiana (Oct. 24, 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$292,912$6,599,140
2$9,521,914$2,285,259$307,558$6,929,097
3$9,998,010$2,399,522$322,936$7,275,552
4$10,497,911$2,519,499$339,083$7,639,330
5$11,022,806$2,645,473$356,037$8,021,296
6$11,573,946$2,777,747$373,838$8,422,361
7$12,152,644$2,916,634$392,530$8,843,479
8$12,760,276$3,062,466$412,157$9,285,653
9$13,398,290$3,215,589$432,765$9,749,935
10$14,068,204$3,376,369$454,403$10,237,432
11$14,771,614$3,545,187$477,123$10,749,304
12$15,510,195$3,722,447$500,979$11,286,769
13$16,285,705$3,908,569$526,028$11,851,107
14$17,099,990$4,103,998$552,330$12,443,663
15$17,954,989$4,309,197$579,946$13,065,846
16$18,852,739$4,524,657$608,943$13,719,138
17$19,795,375$4,750,890$639,391$14,405,095
18$20,785,144$4,988,435$671,360$15,125,350
19$21,824,401$5,237,856$704,928$15,881,617
20$22,915,622$5,499,749$740,175$16,675,698
21$24,061,403$5,774,737$777,183$17,509,483
22$25,264,473$6,063,473$816,042$18,384,957
23$26,527,697$6,366,647$856,845$19,304,205
24$27,854,081$6,684,979$899,687$20,269,415
25$29,246,785$7,019,228$944,671$21,282,886
26$30,709,125$7,370,190$991,905$22,347,030
27$32,244,581$7,738,699$1,041,500$23,464,382
28$33,856,810$8,125,634$1,093,575$24,637,600
29$35,549,650$8,531,916$1,148,254$25,869,481
30$37,327,133$8,958,512$1,205,666$27,162,955
Total$602,500,001$144,600,000$19,460,750$438,439,251
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