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Powerball Annuity Jackpot Analysis for Indiana (Jul. 29, 2020 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 $126,000,000 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:  Jul. 29, 2020
Jackpot:$126,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,896,481$455,155$61,256$1,380,069
2$1,991,305$477,913$64,319$1,449,073
3$2,090,870$501,809$67,535$1,521,526
4$2,195,414$526,899$70,912$1,597,603
5$2,305,184$553,244$74,457$1,677,483
6$2,420,443$580,906$78,180$1,761,357
7$2,541,466$609,952$82,089$1,849,425
8$2,668,539$640,449$86,194$1,941,896
9$2,801,966$672,472$90,504$2,038,991
10$2,942,064$706,095$95,029$2,140,940
11$3,089,167$741,400$99,780$2,247,987
12$3,243,626$778,470$104,769$2,360,387
13$3,405,807$817,394$110,008$2,478,406
14$3,576,097$858,263$115,508$2,602,326
15$3,754,902$901,177$121,283$2,732,442
16$3,942,647$946,235$127,348$2,869,065
17$4,139,780$993,547$133,715$3,012,518
18$4,346,769$1,043,225$140,401$3,163,144
19$4,564,107$1,095,386$147,421$3,321,301
20$4,792,313$1,150,155$154,792$3,487,366
21$5,031,928$1,207,663$162,531$3,661,734
22$5,283,525$1,268,046$170,658$3,844,821
23$5,547,701$1,331,448$179,191$4,037,062
24$5,825,086$1,398,021$188,150$4,238,915
25$6,116,340$1,467,922$197,558$4,450,861
26$6,422,157$1,541,318$207,436$4,673,404
27$6,743,265$1,618,384$217,807$4,907,074
28$7,080,428$1,699,303$228,698$5,152,428
29$7,434,450$1,784,268$240,133$5,410,049
30$7,806,172$1,873,481$252,139$5,680,552
Total$126,000,000$30,240,000$4,069,800$91,690,200
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