USA Mega

Indiana Powerball Jackpot Annuity Payout Schedule for May 22, 2002

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $12,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Indiana

Drawing Date:Wed, May 22, 2002
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$213,961$46,154$6,526$161,281
2$222,520$48,893$6,787$166,840
3$231,420$51,741$7,058$172,621
4$240,677$54,703$7,341$178,633
5$250,304$57,981$7,634$184,689
6$260,317$61,486$7,940$190,891
7$270,729$65,130$8,257$197,342
8$281,558$68,920$8,588$204,051
9$292,821$72,862$8,931$211,028
10$304,533$76,961$9,288$218,284
11$316,715$81,225$9,660$225,830
12$329,383$85,659$10,046$233,678
13$342,559$90,270$10,448$241,840
14$356,261$95,066$10,866$250,329
15$370,512$100,054$11,301$259,157
16$385,332$105,241$11,753$268,338
17$400,745$110,636$12,223$277,887
18$416,775$116,246$12,712$287,817
19$433,446$122,081$13,220$298,145
20$450,784$128,149$13,749$308,886
21$468,815$134,460$14,299$320,056
22$487,568$141,024$14,871$331,674
23$507,071$147,849$15,466$343,756
24$527,353$154,948$16,084$356,321
25$548,448$162,331$16,728$369,389
26$570,386$170,010$17,397$382,979
27$593,201$177,995$18,093$397,113
28$616,929$186,451$18,816$411,661
29$641,606$195,582$19,569$426,455
30$667,270$205,078$20,352$441,841
Total$12,000,000$3,315,186$366,003$8,318,812

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.