Indiana Lottery

INLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Sep 21, 2024 is estimated to be $195 Million, with a cash option of 99.1 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 Sep 21, 2024

Draw Date	Jackpot	Cash Option
Sat Sep 21, 2024	$195,000,000	$99,100,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,100,000
Federal Tax(24%)	$23,784,000
Additional Federal Tax	$12,843,330
State Tax(3.15%)	$3,121,650
Net Lumpsum Payment	$59,351,020

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$2,934,945	-$1,046,260 -$92,451	$1,796,234
2	$3,081,780	-$1,100,589 -$97,076	$1,884,115
3	$3,235,830	-$1,157,587 -$101,929	$1,976,314
4	$3,397,680	-$1,217,472 -$107,027	$2,073,181
5	$3,567,525	-$1,280,315 -$112,377	$2,174,833
6	$3,745,950	-$1,346,332 -$117,997	$2,281,621
7	$3,933,150	-$1,415,596 -$123,894	$2,393,660
8	$4,129,905	-$1,488,395 -$130,092	$2,511,418
9	$4,336,410	-$1,564,802 -$136,597	$2,635,011
10	$4,553,250	-$1,645,033 -$143,427	$2,764,790
11	$4,780,815	-$1,729,232 -$150,596	$2,900,987
12	$5,019,885	-$1,817,688 -$158,126	$3,044,071
13	$5,270,850	-$1,910,545 -$166,032	$3,194,273
14	$5,534,490	-$2,008,092 -$174,336	$3,352,062
15	$5,811,195	-$2,110,473 -$183,053	$3,517,669
16	$6,101,745	-$2,217,976 -$192,205	$3,691,564
17	$6,406,725	-$2,330,819 -$201,812	$3,874,094
18	$6,727,110	-$2,449,361 -$211,904	$4,065,845
19	$7,063,485	-$2,573,820 -$222,500	$4,267,165
20	$7,416,630	-$2,704,483 -$233,624	$4,478,523
21	$7,787,520	-$2,841,713 -$245,307	$4,700,500
22	$8,176,935	-$2,985,796 -$257,573	$4,933,566
23	$8,585,655	-$3,137,023 -$270,448	$5,178,184
24	$9,015,045	-$3,295,897 -$283,974	$5,435,174
25	$9,465,690	-$3,462,636 -$298,169	$5,704,885
26	$9,939,150	-$3,637,816 -$313,083	$5,988,251
27	$10,436,010	-$3,821,654 -$328,734	$6,285,622
28	$10,957,830	-$4,014,727 -$345,172	$6,597,931
29	$11,505,780	-$4,217,469 -$362,432	$6,925,879
30	$12,081,030	-$4,430,311 -$380,552	$7,270,167