Indiana Lottery

INLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Apr 27, 2024 is estimated to be $149 Million, with a cash option of 68.8 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 Apr 27, 2024

Draw Date	Jackpot	Cash Option
Sat Apr 27, 2024	$149,000,000	$68,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$68,800,000
Federal Tax(24%)	$16,512,000
Additional Federal Tax	$8,904,330
State Tax(3.15%)	$2,167,200
Net Lumpsum Payment	$41,216,470

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,242,599	-$790,092 -$70,642	$1,381,865
2	$2,354,796	-$831,605 -$74,176	$1,449,015
3	$2,472,506	-$875,158 -$77,884	$1,519,464
4	$2,596,176	-$920,916 -$81,780	$1,593,480
5	$2,725,955	-$968,934 -$85,868	$1,671,153
6	$2,862,290	-$1,019,378 -$90,162	$1,752,750
7	$3,005,330	-$1,072,302 -$94,668	$1,838,360
8	$3,155,671	-$1,127,929 -$99,404	$1,928,338
9	$3,313,462	-$1,186,311 -$104,374	$2,022,777
10	$3,479,150	-$1,247,616 -$109,593	$2,121,941
11	$3,653,033	-$1,311,953 -$115,071	$2,226,009
12	$3,835,707	-$1,379,542 -$120,825	$2,335,340
13	$4,027,470	-$1,450,494 -$126,865	$2,450,111
14	$4,228,918	-$1,525,030 -$133,211	$2,570,677
15	$4,440,349	-$1,603,260 -$139,871	$2,697,218
16	$4,662,359	-$1,685,403 -$146,864	$2,830,092
17	$4,895,395	-$1,771,627 -$154,205	$2,969,563
18	$5,140,202	-$1,862,205 -$161,916	$3,116,081
19	$5,397,227	-$1,957,304 -$170,013	$3,269,910
20	$5,667,066	-$2,057,145 -$178,513	$3,431,408
21	$5,950,464	-$2,162,002 -$187,440	$3,601,022
22	$6,248,017	-$2,272,097 -$196,813	$3,779,107
23	$6,560,321	-$2,387,649 -$206,650	$3,966,022
24	$6,888,419	-$2,509,045 -$216,985	$4,162,389
25	$7,232,758	-$2,636,451 -$227,832	$4,368,475
26	$7,594,530	-$2,770,306 -$239,228	$4,584,996
27	$7,974,182	-$2,910,778 -$251,187	$4,812,217
28	$8,372,906	-$3,058,306 -$263,747	$5,050,853
29	$8,791,596	-$3,213,221 -$276,935	$5,301,440
30	$9,231,146	-$3,375,854 -$290,781	$5,564,511