The jackpot for the Powerball draw on Wed Dec 4, 2024, is projected to be $240 Million, with an option for a cash payout of $113.6 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 Dec 4, 2024 |
|---|
| Draw Date | Wed Dec 4, 2024 | | Projected Jackpot | $240,000,000 | | Cash Value | $113,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $113,600,000 | | Federal Tax(24%) | $27,264,000 | | Additional Federal Tax | $14,728,330 | | State Tax(3.15%) | $3,578,400 | | Net Lumpsum Payment | $68,029,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,612,240 |
$1,296,859
$113,786 |
$2,201,595 |
| 2 |
$3,792,960 |
$1,363,726
$119,478 |
$2,309,756 |
| 3 |
$3,982,560 |
$1,433,878
$125,451 |
$2,423,231 |
| 4 |
$4,181,760 |
$1,507,582
$131,725 |
$2,542,453 |
| 5 |
$4,390,800 |
$1,584,926
$138,310 |
$2,667,564 |
| 6 |
$4,610,400 |
$1,666,178
$145,228 |
$2,798,994 |
| 7 |
$4,840,800 |
$1,751,426
$152,485 |
$2,936,889 |
| 8 |
$5,082,960 |
$1,841,026
$160,113 |
$3,081,821 |
| 9 |
$5,337,120 |
$1,935,065
$168,119 |
$3,233,936 |
| 10 |
$5,604,000 |
$2,033,810
$176,526 |
$3,393,664 |
| 11 |
$5,884,080 |
$2,137,440
$185,349 |
$3,561,291 |
| 12 |
$6,178,320 |
$2,246,309
$194,617 |
$3,737,394 |
| 13 |
$6,487,200 |
$2,360,594
$204,347 |
$3,922,259 |
| 14 |
$6,811,680 |
$2,480,652
$214,568 |
$4,116,460 |
| 15 |
$7,152,240 |
$2,606,659
$225,296 |
$4,320,285 |
| 16 |
$7,509,840 |
$2,738,971
$236,560 |
$4,534,309 |
| 17 |
$7,885,200 |
$2,877,854
$248,384 |
$4,758,962 |
| 18 |
$8,279,520 |
$3,023,753
$260,805 |
$4,994,962 |
| 19 |
$8,693,520 |
$3,176,933
$273,846 |
$5,242,741 |
| 20 |
$9,128,160 |
$3,337,750
$287,537 |
$5,502,873 |
| 21 |
$9,584,640 |
$3,506,647
$301,916 |
$5,776,077 |
| 22 |
$10,063,920 |
$3,683,981
$317,013 |
$6,062,926 |
| 23 |
$10,566,960 |
$3,870,106
$332,859 |
$6,363,995 |
| 24 |
$11,095,440 |
$4,065,643
$349,506 |
$6,680,291 |
| 25 |
$11,650,080 |
$4,270,860
$366,978 |
$7,012,242 |
| 26 |
$12,232,800 |
$4,486,466
$385,333 |
$7,361,001 |
| 27 |
$12,844,320 |
$4,712,729
$404,596 |
$7,726,995 |
| 28 |
$13,486,560 |
$4,950,358
$424,827 |
$8,111,375 |
| 29 |
$14,160,960 |
$5,199,886
$446,070 |
$8,515,004 |
| 30 |
$14,868,960 |
$5,461,846
$468,372 |
$8,938,742 |
|
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