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Powerball Annuity Jackpot Analysis for Indiana (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$34,517$777,658
2$1,122,084$269,300$36,243$816,541
3$1,178,189$282,765$38,055$857,368
4$1,237,098$296,904$39,958$900,236
5$1,298,953$311,749$41,956$945,248
6$1,363,901$327,336$44,054$992,511
7$1,432,096$343,703$46,257$1,042,136
8$1,503,701$360,888$48,570$1,094,243
9$1,578,886$378,933$50,998$1,148,955
10$1,657,830$397,879$53,548$1,206,403
11$1,740,721$417,773$56,225$1,266,723
12$1,827,757$438,662$59,037$1,330,059
13$1,919,145$460,595$61,988$1,396,562
14$2,015,103$483,625$65,088$1,466,390
15$2,115,858$507,806$68,342$1,539,710
16$2,221,651$533,196$71,759$1,616,695
17$2,332,733$559,856$75,347$1,697,530
18$2,449,370$587,849$79,115$1,782,406
19$2,571,838$617,241$83,070$1,871,527
20$2,700,430$648,103$87,224$1,965,103
21$2,835,452$680,508$91,585$2,063,358
22$2,977,224$714,534$96,164$2,166,526
23$3,126,085$750,260$100,973$2,274,852
24$3,282,390$787,774$106,021$2,388,595
25$3,446,509$827,162$111,322$2,508,025
26$3,618,835$868,520$116,888$2,633,426
27$3,799,776$911,946$122,733$2,765,097
28$3,989,765$957,544$128,869$2,903,352
29$4,189,253$1,005,421$135,313$3,048,520
30$4,398,716$1,055,692$142,079$3,200,946
Total$71,000,000$17,040,000$2,293,300$51,666,700
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