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Powerball Annuity Jackpot Analysis for Indiana (Aug. 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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:3.23%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$22,850$514,788
2$742,788$178,269$23,992$540,527
3$779,928$187,183$25,192$567,553
4$818,924$196,542$26,451$595,931
5$859,870$206,369$27,774$625,728
6$902,864$216,687$29,163$657,014
7$948,007$227,522$30,621$689,865
8$995,407$238,898$32,152$724,358
9$1,045,178$250,843$33,759$760,576
10$1,097,437$263,385$35,447$798,605
11$1,152,308$276,554$37,220$838,535
12$1,209,924$290,382$39,081$880,462
13$1,270,420$304,901$41,035$924,485
14$1,333,941$320,146$43,086$970,709
15$1,400,638$336,153$45,241$1,019,244
16$1,470,670$352,961$47,503$1,070,207
17$1,544,204$370,609$49,878$1,123,717
18$1,621,414$389,139$52,372$1,179,903
19$1,702,484$408,596$54,990$1,238,898
20$1,787,609$429,026$57,740$1,300,843
21$1,876,989$450,477$60,627$1,365,885
22$1,970,839$473,001$63,658$1,434,179
23$2,069,380$496,651$66,841$1,505,888
24$2,172,849$521,484$70,183$1,581,183
25$2,281,492$547,558$73,692$1,660,242
26$2,395,567$574,936$77,377$1,743,254
27$2,515,345$603,683$81,246$1,830,416
28$2,641,112$633,867$85,308$1,921,937
29$2,773,168$665,560$89,573$2,018,034
30$2,911,826$698,838$94,052$2,118,936
Total$47,000,000$11,280,000$1,518,100$34,201,900
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