Indiana Lottery

INLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 23, 2024 is estimated to be $171 Million, with a cash option of 78.7 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 Nov 23, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 23, 2024	$171,000,000	$78,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$78,700,000
Federal Tax(24%)	$18,888,000
Additional Federal Tax	$10,191,330
State Tax(3.15%)	$2,479,050
Net Lumpsum Payment	$47,141,620

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,573,721	-$912,607 -$81,072	$1,580,042
2	$2,702,484	-$960,249 -$85,128	$1,657,107
3	$2,837,574	-$1,010,233 -$89,384	$1,737,957
4	$2,979,504	-$1,062,747 -$93,854	$1,822,903
5	$3,128,445	-$1,117,855 -$98,546	$1,912,044
6	$3,284,910	-$1,175,747 -$103,475	$2,005,688
7	$3,449,070	-$1,236,486 -$108,646	$2,103,938
8	$3,621,609	-$1,300,326 -$114,081	$2,207,202
9	$3,802,698	-$1,367,329 -$119,785	$2,315,584
10	$3,992,850	-$1,437,685 -$125,775	$2,429,390
11	$4,192,407	-$1,511,521 -$132,061	$2,548,825
12	$4,402,053	-$1,589,090 -$138,665	$2,674,298
13	$4,622,130	-$1,670,518 -$145,597	$2,806,015
14	$4,853,322	-$1,756,060 -$152,880	$2,944,382
15	$5,095,971	-$1,845,840 -$160,523	$3,089,608
16	$5,350,761	-$1,940,112 -$168,549	$3,242,100
17	$5,618,205	-$2,039,066 -$176,973	$3,402,166
18	$5,899,158	-$2,143,019 -$185,823	$3,570,316
19	$6,194,133	-$2,252,160 -$195,115	$3,746,858
20	$6,503,814	-$2,366,742 -$204,870	$3,932,202
21	$6,829,056	-$2,487,081 -$215,115	$4,126,860
22	$7,170,543	-$2,613,431 -$225,872	$4,331,240
23	$7,528,959	-$2,746,045 -$237,162	$4,545,752
24	$7,905,501	-$2,885,366 -$249,023	$4,771,112
25	$8,300,682	-$3,031,583 -$261,471	$5,007,628
26	$8,715,870	-$3,185,202 -$274,550	$5,256,118
27	$9,151,578	-$3,346,414 -$288,275	$5,516,889
28	$9,609,174	-$3,515,725 -$302,689	$5,790,760
29	$10,089,684	-$3,693,513 -$317,825	$6,078,346
30	$10,594,134	-$3,880,160 -$333,715	$6,380,259