The jackpot for the Powerball draw on Wed May 21, 2025, is projected to be $146 Million, with an option for a cash payout of $65.6 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Indiana residents, the state will deduct 3.15% from your lottery earnings.
| Indiana Powerball Jackpot/Cash Option for Wed May 21, 2025 |
|---|
| Draw Date | Wed May 21, 2025 | | Projected Jackpot | $146,000,000 | | Cash Value | $65,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $65,600,000 | | Federal Tax(24%) | $15,744,000 | | Additional Federal Tax | $8,488,330 | | State Tax(3.15%) | $2,066,400 | | Net Lumpsum Payment | $39,301,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,197,446 |
$773,385
$69,220 |
$1,354,841 |
| 2 |
$2,307,384 |
$814,062
$72,683 |
$1,420,639 |
| 3 |
$2,422,724 |
$856,738
$76,316 |
$1,489,670 |
| 4 |
$2,543,904 |
$901,575
$80,133 |
$1,562,196 |
| 5 |
$2,671,070 |
$948,626
$84,139 |
$1,638,305 |
| 6 |
$2,804,660 |
$998,055
$88,347 |
$1,718,258 |
| 7 |
$2,944,820 |
$1,049,914
$92,762 |
$1,802,144 |
| 8 |
$3,092,134 |
$1,104,420
$97,402 |
$1,890,312 |
| 9 |
$3,246,748 |
$1,161,627
$102,273 |
$1,982,848 |
| 10 |
$3,409,100 |
$1,221,697
$107,387 |
$2,080,016 |
| 11 |
$3,579,482 |
$1,284,739
$112,754 |
$2,181,989 |
| 12 |
$3,758,478 |
$1,350,967
$118,392 |
$2,289,119 |
| 13 |
$3,946,380 |
$1,420,491
$124,311 |
$2,401,578 |
| 14 |
$4,143,772 |
$1,493,526
$130,529 |
$2,519,717 |
| 15 |
$4,350,946 |
$1,570,180
$137,055 |
$2,643,711 |
| 16 |
$4,568,486 |
$1,650,670
$143,907 |
$2,773,909 |
| 17 |
$4,796,830 |
$1,735,157
$151,100 |
$2,910,573 |
| 18 |
$5,036,708 |
$1,823,912
$158,656 |
$3,054,140 |
| 19 |
$5,288,558 |
$1,917,097
$166,590 |
$3,204,871 |
| 20 |
$5,552,964 |
$2,014,927
$174,918 |
$3,363,119 |
| 21 |
$5,830,656 |
$2,117,673
$183,666 |
$3,529,317 |
| 22 |
$6,122,218 |
$2,225,551
$192,850 |
$3,703,817 |
| 23 |
$6,428,234 |
$2,338,777
$202,489 |
$3,886,968 |
| 24 |
$6,749,726 |
$2,457,729
$212,616 |
$4,079,381 |
| 25 |
$7,087,132 |
$2,582,569
$223,245 |
$4,281,318 |
| 26 |
$7,441,620 |
$2,713,730
$234,411 |
$4,493,479 |
| 27 |
$7,813,628 |
$2,851,373
$246,129 |
$4,716,126 |
| 28 |
$8,204,324 |
$2,995,930
$258,436 |
$4,949,958 |
| 29 |
$8,614,584 |
$3,147,726
$271,359 |
$5,195,499 |
| 30 |
$9,045,284 |
$3,307,085
$284,926 |
$5,453,273 |
|
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