Indiana Lottery

INLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(3.15%)	$434,700
Net Lumpsum Payment	$8,298,970

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$14,697	$318,919
2	$489,924	-$141,602 -$15,433	$332,889
3	$514,414	-$150,664 -$16,204	$347,546
4	$540,144	-$160,184 -$17,015	$362,945
5	$567,145	-$170,174 -$17,865	$379,106
6	$595,510	-$180,669 -$18,759	$396,082
7	$625,270	-$191,680 -$19,696	$413,894
8	$656,549	-$203,254 -$20,681	$432,614
9	$689,378	-$215,400 -$21,715	$452,263
10	$723,850	-$228,155 -$22,801	$472,894
11	$760,027	-$241,540 -$23,941	$494,546
12	$798,033	-$255,603 -$25,138	$517,292
13	$837,930	-$270,364 -$26,395	$541,171
14	$879,842	-$285,872 -$27,715	$566,255
15	$923,831	-$302,148 -$29,101	$592,582
16	$970,021	-$319,238 -$30,556	$620,227
17	$1,018,505	-$337,177 -$32,083	$649,245
18	$1,069,438	-$356,022 -$33,687	$679,729
19	$1,122,913	-$375,808 -$35,372	$711,733
20	$1,179,054	-$396,580 -$37,140	$745,334
21	$1,238,016	-$418,396 -$38,998	$780,622
22	$1,299,923	-$441,302 -$40,948	$817,673
23	$1,364,899	-$465,343 -$42,994	$856,562
24	$1,433,161	-$490,600 -$45,145	$897,416
25	$1,504,802	-$517,107 -$47,401	$940,294
26	$1,580,070	-$544,956 -$49,772	$985,342
27	$1,659,058	-$574,182 -$52,260	$1,032,616
28	$1,742,014	-$604,876 -$54,873	$1,082,265
29	$1,829,124	-$637,106 -$57,617	$1,134,401
30	$1,920,574	-$670,943 -$60,498	$1,189,133