Indiana Lottery

INLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Indiana, your state will take 3.15% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Indiana Powerball Jackpot/Cash Option for Sat May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(3.15%)	$529,200
Net Lumpsum Payment	$10,094,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$17,068	$363,958
2	$568,944	-$170,840 -$17,922	$380,182
3	$597,384	-$181,362 -$18,818	$397,204
4	$627,264	-$192,418 -$19,759	$415,087
5	$658,620	-$204,020 -$20,747	$433,853
6	$691,560	-$216,208 -$21,784	$453,568
7	$726,120	-$228,995 -$22,873	$474,252
8	$762,444	-$242,435 -$24,017	$495,992
9	$800,568	-$256,541 -$25,218	$518,809
10	$840,600	-$271,352 -$26,479	$542,769
11	$882,612	-$286,897 -$27,802	$567,913
12	$926,748	-$303,227 -$29,193	$594,328
13	$973,080	-$320,370 -$30,652	$622,058
14	$1,021,752	-$338,379 -$32,185	$651,188
15	$1,072,836	-$357,280 -$33,794	$681,762
16	$1,126,476	-$377,127 -$35,484	$713,865
17	$1,182,780	-$397,959 -$37,258	$747,563
18	$1,241,928	-$419,844 -$39,121	$782,963
19	$1,304,028	-$442,821 -$41,077	$820,130
20	$1,369,224	-$466,943 -$43,131	$859,150
21	$1,437,696	-$492,278 -$45,287	$900,131
22	$1,509,588	-$518,878 -$47,552	$943,158
23	$1,585,044	-$546,797 -$49,929	$988,318
24	$1,664,316	-$576,127 -$52,426	$1,035,763
25	$1,747,512	-$606,910 -$55,047	$1,085,555
26	$1,834,920	-$639,251 -$57,800	$1,137,869
27	$1,926,648	-$673,190 -$60,689	$1,192,769
28	$2,022,984	-$708,834 -$63,724	$1,250,426
29	$2,124,144	-$746,264 -$66,911	$1,310,969
30	$2,230,344	-$785,558 -$70,256	$1,374,530