The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(3.15%) | $1,134,000 | | Net Lumpsum Payment | $21,585,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$36,506 |
$733,288 |
| 2 |
$1,216,908 |
$410,586
$38,333 |
$767,989 |
| 3 |
$1,277,738 |
$433,093
$40,249 |
$804,396 |
| 4 |
$1,341,648 |
$456,740
$42,262 |
$842,646 |
| 5 |
$1,408,715 |
$481,555
$44,375 |
$882,785 |
| 6 |
$1,479,170 |
$507,623
$46,594 |
$924,953 |
| 7 |
$1,553,090 |
$534,974
$48,922 |
$969,194 |
| 8 |
$1,630,783 |
$563,720
$51,370 |
$1,015,693 |
| 9 |
$1,712,326 |
$593,891
$53,938 |
$1,064,497 |
| 10 |
$1,797,950 |
$625,572
$56,635 |
$1,115,743 |
| 11 |
$1,887,809 |
$658,820
$59,466 |
$1,169,523 |
| 12 |
$1,982,211 |
$693,748
$62,440 |
$1,226,023 |
| 13 |
$2,081,310 |
$730,415
$65,561 |
$1,285,334 |
| 14 |
$2,185,414 |
$768,934
$68,841 |
$1,347,639 |
| 15 |
$2,294,677 |
$809,361
$72,282 |
$1,413,034 |
| 16 |
$2,409,407 |
$851,811
$75,896 |
$1,481,700 |
| 17 |
$2,529,835 |
$896,369
$79,690 |
$1,553,776 |
| 18 |
$2,656,346 |
$943,178
$83,675 |
$1,629,493 |
| 19 |
$2,789,171 |
$992,324
$87,859 |
$1,708,988 |
| 20 |
$2,928,618 |
$1,043,919
$92,251 |
$1,792,448 |
| 21 |
$3,075,072 |
$1,098,107
$96,865 |
$1,880,100 |
| 22 |
$3,228,841 |
$1,155,002
$101,708 |
$1,972,131 |
| 23 |
$3,390,233 |
$1,214,717
$106,792 |
$2,068,724 |
| 24 |
$3,559,787 |
$1,277,452
$112,133 |
$2,170,202 |
| 25 |
$3,737,734 |
$1,343,292
$117,739 |
$2,276,703 |
| 26 |
$3,924,690 |
$1,412,466
$123,628 |
$2,388,596 |
| 27 |
$4,120,886 |
$1,485,058
$129,808 |
$2,506,020 |
| 28 |
$4,326,938 |
$1,561,297
$136,299 |
$2,629,342 |
| 29 |
$4,543,308 |
$1,641,354
$143,114 |
$2,758,840 |
| 30 |
$4,770,458 |
$1,725,400
$150,269 |
$2,894,789 |
|
|
