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Indiana Powerball Jackpot Annuity Payout Schedule for Oct 7, 2023

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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 $1,422,500,000 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:Sat, Oct 7, 2023
Jackpot:$1,422,500,000
Federal Tax:37% marginal rate
State Tax: 3.05%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$21,410,666$7,880,134$653,025$12,877,507
2$22,481,200$8,276,232$685,677$13,519,292
3$23,605,259$8,692,134$719,960$14,193,165
4$24,785,523$9,128,831$755,958$14,900,734
5$26,024,798$9,587,363$793,756$15,643,679
6$27,326,039$10,068,822$833,444$16,423,772
7$28,692,341$10,574,354$875,116$17,242,871
8$30,126,958$11,105,162$918,872$18,102,924
9$31,633,306$11,662,511$964,816$19,005,979
10$33,214,971$12,247,727$1,013,057$19,954,187
11$34,875,720$12,862,204$1,063,709$20,949,806
12$36,619,506$13,507,405$1,116,895$21,995,206
13$38,450,481$14,184,866$1,172,740$23,092,876
14$40,373,005$14,896,200$1,231,377$24,245,429
15$42,391,655$15,643,100$1,292,945$25,455,609
16$44,511,238$16,427,346$1,357,593$26,726,300
17$46,736,799$17,250,804$1,425,472$28,060,523
18$49,073,640$18,115,434$1,496,746$29,461,459
19$51,527,321$19,023,297$1,571,583$30,932,441
20$54,103,688$19,976,552$1,650,162$32,476,973
21$56,808,872$20,977,470$1,732,671$34,098,731
22$59,649,316$22,028,434$1,819,304$35,801,577
23$62,631,782$23,131,947$1,910,269$37,589,565
24$65,763,370$24,290,635$2,005,783$39,466,953
25$69,051,538$25,507,257$2,106,072$41,438,210
26$72,504,117$26,784,711$2,211,376$43,508,030
27$76,129,322$28,126,037$2,321,944$45,681,341
28$79,935,787$29,534,429$2,438,042$47,963,317
29$83,932,577$31,013,241$2,559,944$50,359,392
30$88,129,207$32,565,994$2,687,941$52,875,272
Total$1,422,500,003$525,070,633$43,386,249$854,043,120

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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.