Indiana Lottery

INLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(3.15%)	$1,291,500
Net Lumpsum Payment	$24,578,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$41,721	$832,376
2	$1,390,752	-$474,909 -$43,809	$872,034
3	$1,460,272	-$500,631 -$45,999	$913,642
4	$1,533,312	-$527,656 -$48,299	$957,357
5	$1,609,960	-$556,016 -$50,714	$1,003,230
6	$1,690,480	-$585,808 -$53,250	$1,051,422
7	$1,774,960	-$617,066 -$55,911	$1,101,983
8	$1,863,752	-$649,919 -$58,708	$1,155,125
9	$1,956,944	-$684,400 -$61,644	$1,210,900
10	$2,054,800	-$720,606 -$64,726	$1,269,468
11	$2,157,496	-$758,604 -$67,961	$1,330,931
12	$2,265,384	-$798,522 -$71,360	$1,395,502
13	$2,378,640	-$840,427 -$74,927	$1,463,286
14	$2,497,616	-$884,448 -$78,675	$1,534,493
15	$2,622,488	-$930,651 -$82,608	$1,609,229
16	$2,753,608	-$979,165 -$86,739	$1,687,704
17	$2,891,240	-$1,030,089 -$91,074	$1,770,077
18	$3,035,824	-$1,083,585 -$95,628	$1,856,611
19	$3,187,624	-$1,139,751 -$100,410	$1,947,463
20	$3,346,992	-$1,198,717 -$105,430	$2,042,845
21	$3,514,368	-$1,260,647 -$110,703	$2,143,018
22	$3,690,104	-$1,325,669 -$116,238	$2,248,197
23	$3,874,552	-$1,393,915 -$122,048	$2,358,589
24	$4,068,328	-$1,465,612 -$128,152	$2,474,564
25	$4,271,696	-$1,540,858 -$134,558	$2,596,280
26	$4,485,360	-$1,619,914 -$141,289	$2,724,157
27	$4,709,584	-$1,702,876 -$148,352	$2,858,356
28	$4,945,072	-$1,790,007 -$155,770	$2,999,295
29	$5,192,352	-$1,881,501 -$163,559	$3,147,292
30	$5,451,952	-$1,977,553 -$171,736	$3,302,663