The jackpot for the Powerball draw on Mon Feb 24, 2025, is projected to be $230 Million, with an option for a cash payout of $105.2 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 Mon Feb 24, 2025 |
|---|
| Draw Date | Mon Feb 24, 2025 | | Projected Jackpot | $230,000,000 | | Cash Value | $105,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $105,200,000 | | Federal Tax(24%) | $25,248,000 | | Additional Federal Tax | $13,636,330 | | State Tax(3.15%) | $3,313,800 | | Net Lumpsum Payment | $63,001,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$109,044 |
$2,111,516 |
| 2 |
$3,634,920 |
$1,305,251
$114,500 |
$2,215,169 |
| 3 |
$3,816,620 |
$1,372,480
$120,224 |
$2,323,916 |
| 4 |
$4,007,520 |
$1,443,113
$126,237 |
$2,438,170 |
| 5 |
$4,207,850 |
$1,517,235
$132,547 |
$2,558,068 |
| 6 |
$4,418,300 |
$1,595,101
$139,176 |
$2,684,023 |
| 7 |
$4,639,100 |
$1,676,797
$146,132 |
$2,816,171 |
| 8 |
$4,871,170 |
$1,762,663
$153,442 |
$2,955,065 |
| 9 |
$5,114,740 |
$1,852,784
$161,114 |
$3,100,842 |
| 10 |
$5,370,500 |
$1,947,415
$169,171 |
$3,253,914 |
| 11 |
$5,638,910 |
$2,046,727
$177,626 |
$3,414,557 |
| 12 |
$5,920,890 |
$2,151,060
$186,508 |
$3,583,322 |
| 13 |
$6,216,900 |
$2,260,583
$195,832 |
$3,760,485 |
| 14 |
$6,527,860 |
$2,375,639
$205,628 |
$3,946,593 |
| 15 |
$6,854,230 |
$2,496,395
$215,908 |
$4,141,927 |
| 16 |
$7,196,930 |
$2,623,194
$226,703 |
$4,347,033 |
| 17 |
$7,556,650 |
$2,756,291
$238,034 |
$4,562,325 |
| 18 |
$7,934,540 |
$2,896,110
$249,938 |
$4,788,492 |
| 19 |
$8,331,290 |
$3,042,908
$262,436 |
$5,025,946 |
| 20 |
$8,747,820 |
$3,197,024
$275,556 |
$5,275,240 |
| 21 |
$9,185,280 |
$3,358,884
$289,336 |
$5,537,060 |
| 22 |
$9,644,590 |
$3,528,829
$303,805 |
$5,811,956 |
| 23 |
$10,126,670 |
$3,707,198
$318,990 |
$6,100,482 |
| 24 |
$10,633,130 |
$3,894,588
$334,944 |
$6,403,598 |
| 25 |
$11,164,660 |
$4,091,255
$351,687 |
$6,721,718 |
| 26 |
$11,723,100 |
$4,297,877
$369,278 |
$7,055,945 |
| 27 |
$12,309,140 |
$4,514,712
$387,738 |
$7,406,690 |
| 28 |
$12,924,620 |
$4,742,440
$407,126 |
$7,775,054 |
| 29 |
$13,570,920 |
$4,981,571
$427,484 |
$8,161,865 |
| 30 |
$14,249,420 |
$5,232,616
$448,857 |
$8,567,947 |
|
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