The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(3.15%) | $3,707,550 | | Net Lumpsum Payment | $70,483,120 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$124,690 |
$2,408,780 |
| 2 |
$4,156,452 |
$1,498,218
$130,928 |
$2,527,306 |
| 3 |
$4,364,222 |
$1,575,093
$137,473 |
$2,651,656 |
| 4 |
$4,582,512 |
$1,655,860
$144,349 |
$2,782,303 |
| 5 |
$4,811,585 |
$1,740,617
$151,565 |
$2,919,403 |
| 6 |
$5,052,230 |
$1,829,655
$159,145 |
$3,063,430 |
| 7 |
$5,304,710 |
$1,923,073
$167,098 |
$3,214,539 |
| 8 |
$5,570,077 |
$2,021,259
$175,457 |
$3,373,361 |
| 9 |
$5,848,594 |
$2,124,310
$184,231 |
$3,540,053 |
| 10 |
$6,141,050 |
$2,232,519
$193,443 |
$3,715,088 |
| 11 |
$6,447,971 |
$2,346,080
$203,111 |
$3,898,780 |
| 12 |
$6,770,409 |
$2,465,382
$213,268 |
$4,091,759 |
| 13 |
$7,108,890 |
$2,590,620
$223,930 |
$4,294,340 |
| 14 |
$7,464,466 |
$2,722,183
$235,131 |
$4,507,152 |
| 15 |
$7,837,663 |
$2,860,266
$246,886 |
$4,730,511 |
| 16 |
$8,229,533 |
$3,005,258
$259,230 |
$4,965,045 |
| 17 |
$8,640,865 |
$3,157,450
$272,187 |
$5,211,228 |
| 18 |
$9,072,974 |
$3,317,331
$285,799 |
$5,469,844 |
| 19 |
$9,526,649 |
$3,485,191
$300,089 |
$5,741,369 |
| 20 |
$10,002,942 |
$3,661,419
$315,093 |
$6,026,430 |
| 21 |
$10,503,168 |
$3,846,503
$330,850 |
$6,325,815 |
| 22 |
$11,028,379 |
$4,040,831
$347,394 |
$6,640,154 |
| 23 |
$11,579,627 |
$4,244,792
$364,758 |
$6,970,077 |
| 24 |
$12,158,753 |
$4,459,069
$383,001 |
$7,316,683 |
| 25 |
$12,766,546 |
$4,683,952
$402,146 |
$7,680,448 |
| 26 |
$13,405,110 |
$4,920,221
$422,261 |
$8,062,628 |
| 27 |
$14,075,234 |
$5,168,167
$443,370 |
$8,463,697 |
| 28 |
$14,779,022 |
$5,428,569
$465,539 |
$8,884,914 |
| 29 |
$15,518,052 |
$5,702,010
$488,819 |
$9,327,223 |
| 30 |
$16,293,902 |
$5,989,074
$513,258 |
$9,791,570 |
|
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