The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 Nov 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(3.15%) | $1,934,100 | | Net Lumpsum Payment | $36,787,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$61,634 |
$1,210,713 |
| 2 |
$2,054,520 |
$720,503
$64,717 |
$1,269,300 |
| 3 |
$2,157,220 |
$758,502
$67,952 |
$1,330,766 |
| 4 |
$2,265,120 |
$798,425
$71,351 |
$1,395,344 |
| 5 |
$2,378,350 |
$840,320
$74,918 |
$1,463,112 |
| 6 |
$2,497,300 |
$884,331
$78,665 |
$1,534,304 |
| 7 |
$2,622,100 |
$930,507
$82,596 |
$1,608,997 |
| 8 |
$2,753,270 |
$979,040
$86,728 |
$1,687,502 |
| 9 |
$2,890,940 |
$1,029,978
$91,065 |
$1,769,897 |
| 10 |
$3,035,500 |
$1,083,465
$95,618 |
$1,856,417 |
| 11 |
$3,187,210 |
$1,139,598
$100,397 |
$1,947,215 |
| 12 |
$3,346,590 |
$1,198,569
$105,418 |
$2,042,603 |
| 13 |
$3,513,900 |
$1,260,473
$110,688 |
$2,142,739 |
| 14 |
$3,689,660 |
$1,325,505
$116,224 |
$2,247,931 |
| 15 |
$3,874,130 |
$1,393,758
$122,035 |
$2,358,337 |
| 16 |
$4,067,830 |
$1,465,427
$128,137 |
$2,474,266 |
| 17 |
$4,271,150 |
$1,540,656
$134,541 |
$2,595,953 |
| 18 |
$4,484,740 |
$1,619,684
$141,269 |
$2,723,787 |
| 19 |
$4,708,990 |
$1,702,657
$148,333 |
$2,858,000 |
| 20 |
$4,944,420 |
$1,789,766
$155,749 |
$2,998,905 |
| 21 |
$5,191,680 |
$1,881,252
$163,538 |
$3,146,890 |
| 22 |
$5,451,290 |
$1,977,308
$171,716 |
$3,302,266 |
| 23 |
$5,723,770 |
$2,078,125
$180,299 |
$3,465,346 |
| 24 |
$6,010,030 |
$2,184,041
$189,316 |
$3,636,673 |
| 25 |
$6,310,460 |
$2,295,201
$198,779 |
$3,816,480 |
| 26 |
$6,626,100 |
$2,411,987
$208,722 |
$4,005,391 |
| 27 |
$6,957,340 |
$2,534,546
$219,156 |
$4,203,638 |
| 28 |
$7,305,220 |
$2,663,262
$230,114 |
$4,411,844 |
| 29 |
$7,670,520 |
$2,798,423
$241,621 |
$4,630,476 |
| 30 |
$8,054,020 |
$2,940,318
$253,702 |
$4,860,000 |
|
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