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Powerball Annuity Jackpot Analysis for Indiana (Nov. 3, 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 $53,000,000 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:  Nov. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$25,767$580,505
2$837,612$201,027$27,055$609,531
3$879,493$211,078$28,408$640,007
4$923,468$221,632$29,828$672,007
5$969,641$232,714$31,319$705,608
6$1,018,123$244,350$32,885$740,888
7$1,069,029$256,567$34,530$777,933
8$1,122,481$269,395$36,256$816,829
9$1,178,605$282,865$38,069$857,671
10$1,237,535$297,008$39,972$900,554
11$1,299,412$311,859$41,971$945,582
12$1,364,382$327,452$44,070$992,861
13$1,432,601$343,824$46,273$1,042,504
14$1,504,231$361,016$48,587$1,094,629
15$1,579,443$379,066$51,016$1,149,361
16$1,658,415$398,020$53,567$1,206,829
17$1,741,336$417,921$56,245$1,267,170
18$1,828,403$438,817$59,057$1,330,529
19$1,919,823$460,757$62,010$1,397,055
20$2,015,814$483,795$65,111$1,466,908
21$2,116,605$507,985$68,366$1,540,253
22$2,222,435$533,384$71,785$1,617,266
23$2,333,557$560,054$75,374$1,698,129
24$2,450,235$588,056$79,143$1,783,036
25$2,572,746$617,459$83,100$1,872,187
26$2,701,384$648,332$87,255$1,965,797
27$2,836,453$680,749$91,617$2,064,087
28$2,978,275$714,786$96,198$2,167,291
29$3,127,189$750,525$101,008$2,275,656
30$3,283,549$788,052$106,059$2,389,438
Total$53,000,000$12,720,000$1,711,900$38,568,100
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