The jackpot for the Powerball draw on Sat Oct 5, 2024, is projected to be $295 Million, with an option for a cash payout of $147.9 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 Sat Oct 5, 2024 |
|---|
| Draw Date | Sat Oct 5, 2024 | | Projected Jackpot | $295,000,000 | | Cash Value | $147,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $147,900,000 | | Federal Tax(24%) | $35,496,000 | | Additional Federal Tax | $19,187,330 | | State Tax(3.15%) | $4,658,850 | | Net Lumpsum Payment | $88,557,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,440,045 |
$1,603,147
$139,861 |
$2,697,037 |
| 2 |
$4,662,180 |
$1,685,337
$146,859 |
$2,829,984 |
| 3 |
$4,895,230 |
$1,771,565
$154,200 |
$2,969,465 |
| 4 |
$5,140,080 |
$1,862,160
$161,913 |
$3,116,007 |
| 5 |
$5,397,025 |
$1,957,230
$170,006 |
$3,269,789 |
| 6 |
$5,666,950 |
$2,057,102
$178,509 |
$3,431,339 |
| 7 |
$5,950,150 |
$2,161,886
$187,430 |
$3,600,834 |
| 8 |
$6,247,805 |
$2,272,018
$196,806 |
$3,778,981 |
| 9 |
$6,560,210 |
$2,387,608
$206,647 |
$3,965,955 |
| 10 |
$6,888,250 |
$2,508,983
$216,980 |
$4,162,287 |
| 11 |
$7,232,515 |
$2,636,361
$227,824 |
$4,368,330 |
| 12 |
$7,594,185 |
$2,770,179
$239,217 |
$4,584,789 |
| 13 |
$7,973,850 |
$2,910,655
$251,176 |
$4,812,019 |
| 14 |
$8,372,690 |
$3,058,226
$263,740 |
$5,050,724 |
| 15 |
$8,791,295 |
$3,213,110
$276,926 |
$5,301,259 |
| 16 |
$9,230,845 |
$3,375,743
$290,772 |
$5,564,330 |
| 17 |
$9,692,225 |
$3,546,454
$305,305 |
$5,840,466 |
| 18 |
$10,176,910 |
$3,725,787
$320,573 |
$6,130,550 |
| 19 |
$10,685,785 |
$3,914,071
$336,602 |
$6,435,112 |
| 20 |
$11,220,030 |
$4,111,741
$353,431 |
$6,754,858 |
| 21 |
$11,781,120 |
$4,319,345
$371,105 |
$7,090,670 |
| 22 |
$12,370,235 |
$4,537,317
$389,662 |
$7,443,256 |
| 23 |
$12,988,555 |
$4,766,096
$409,139 |
$7,813,320 |
| 24 |
$13,638,145 |
$5,006,444
$429,602 |
$8,202,099 |
| 25 |
$14,319,890 |
$5,258,690
$451,077 |
$8,610,123 |
| 26 |
$15,036,150 |
$5,523,706
$473,639 |
$9,038,805 |
| 27 |
$15,787,810 |
$5,801,820
$497,316 |
$9,488,674 |
| 28 |
$16,577,230 |
$6,093,905
$522,183 |
$9,961,142 |
| 29 |
$17,406,180 |
$6,400,617
$548,295 |
$10,457,268 |
| 30 |
$18,276,430 |
$6,722,609
$575,708 |
$10,978,113 |
|
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