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Powerball Annuity Jackpot Analysis for Indiana (Dec. 15, 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 $246,000,000 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:  Dec. 15, 2018
Jackpot:$246,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$3,702,653$888,637$119,596$2,694,421
2$3,887,786$933,069$125,575$2,829,142
3$4,082,175$979,722$131,854$2,970,599
4$4,286,284$1,028,708$138,447$3,119,129
5$4,500,598$1,080,143$145,369$3,275,085
6$4,725,628$1,134,151$152,638$3,438,839
7$4,961,909$1,190,858$160,270$3,610,781
8$5,210,005$1,250,401$168,283$3,791,320
9$5,470,505$1,312,921$176,697$3,980,886
10$5,744,030$1,378,567$185,532$4,179,931
11$6,031,232$1,447,496$194,809$4,388,927
12$6,332,793$1,519,870$204,549$4,608,374
13$6,649,433$1,595,864$214,777$4,838,792
14$6,981,905$1,675,657$225,516$5,080,732
15$7,331,000$1,759,440$236,791$5,334,769
16$7,697,550$1,847,412$248,631$5,601,507
17$8,082,427$1,939,783$261,062$5,881,582
18$8,486,549$2,036,772$274,116$6,175,661
19$8,910,876$2,138,610$287,821$6,484,444
20$9,356,420$2,245,541$302,212$6,808,667
21$9,824,241$2,357,818$317,323$7,149,100
22$10,315,453$2,475,709$333,189$7,506,555
23$10,831,226$2,599,494$349,849$7,881,883
24$11,372,787$2,729,469$367,341$8,275,977
25$11,941,426$2,865,942$385,708$8,689,776
26$12,538,497$3,009,239$404,993$9,124,265
27$13,165,422$3,159,701$425,243$9,580,478
28$13,823,693$3,317,686$446,505$10,059,502
29$14,514,878$3,483,571$468,831$10,562,477
30$15,240,622$3,657,749$492,272$11,090,601
Total$246,000,000$59,040,000$7,945,800$179,014,200
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