The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 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 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(3.15%) | $529,200 | | Net Lumpsum Payment | $10,094,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$17,068 |
$363,958 |
| 2 |
$568,944 |
$170,840
$17,922 |
$380,182 |
| 3 |
$597,384 |
$181,362
$18,818 |
$397,204 |
| 4 |
$627,264 |
$192,418
$19,759 |
$415,087 |
| 5 |
$658,620 |
$204,020
$20,747 |
$433,853 |
| 6 |
$691,560 |
$216,208
$21,784 |
$453,568 |
| 7 |
$726,120 |
$228,995
$22,873 |
$474,252 |
| 8 |
$762,444 |
$242,435
$24,017 |
$495,992 |
| 9 |
$800,568 |
$256,541
$25,218 |
$518,809 |
| 10 |
$840,600 |
$271,352
$26,479 |
$542,769 |
| 11 |
$882,612 |
$286,897
$27,802 |
$567,913 |
| 12 |
$926,748 |
$303,227
$29,193 |
$594,328 |
| 13 |
$973,080 |
$320,370
$30,652 |
$622,058 |
| 14 |
$1,021,752 |
$338,379
$32,185 |
$651,188 |
| 15 |
$1,072,836 |
$357,280
$33,794 |
$681,762 |
| 16 |
$1,126,476 |
$377,127
$35,484 |
$713,865 |
| 17 |
$1,182,780 |
$397,959
$37,258 |
$747,563 |
| 18 |
$1,241,928 |
$419,844
$39,121 |
$782,963 |
| 19 |
$1,304,028 |
$442,821
$41,077 |
$820,130 |
| 20 |
$1,369,224 |
$466,943
$43,131 |
$859,150 |
| 21 |
$1,437,696 |
$492,278
$45,287 |
$900,131 |
| 22 |
$1,509,588 |
$518,878
$47,552 |
$943,158 |
| 23 |
$1,585,044 |
$546,797
$49,929 |
$988,318 |
| 24 |
$1,664,316 |
$576,127
$52,426 |
$1,035,763 |
| 25 |
$1,747,512 |
$606,910
$55,047 |
$1,085,555 |
| 26 |
$1,834,920 |
$639,251
$57,800 |
$1,137,869 |
| 27 |
$1,926,648 |
$673,190
$60,689 |
$1,192,769 |
| 28 |
$2,022,984 |
$708,834
$63,724 |
$1,250,426 |
| 29 |
$2,124,144 |
$746,264
$66,911 |
$1,310,969 |
| 30 |
$2,230,344 |
$785,558
$70,256 |
$1,374,530 |
|
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