The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 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 Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(3.15%) | $1,304,100 | | Net Lumpsum Payment | $24,817,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$41,721 |
$832,376 |
| 2 |
$1,390,752 |
$474,909
$43,809 |
$872,034 |
| 3 |
$1,460,272 |
$500,631
$45,999 |
$913,642 |
| 4 |
$1,533,312 |
$527,656
$48,299 |
$957,357 |
| 5 |
$1,609,960 |
$556,016
$50,714 |
$1,003,230 |
| 6 |
$1,690,480 |
$585,808
$53,250 |
$1,051,422 |
| 7 |
$1,774,960 |
$617,066
$55,911 |
$1,101,983 |
| 8 |
$1,863,752 |
$649,919
$58,708 |
$1,155,125 |
| 9 |
$1,956,944 |
$684,400
$61,644 |
$1,210,900 |
| 10 |
$2,054,800 |
$720,606
$64,726 |
$1,269,468 |
| 11 |
$2,157,496 |
$758,604
$67,961 |
$1,330,931 |
| 12 |
$2,265,384 |
$798,522
$71,360 |
$1,395,502 |
| 13 |
$2,378,640 |
$840,427
$74,927 |
$1,463,286 |
| 14 |
$2,497,616 |
$884,448
$78,675 |
$1,534,493 |
| 15 |
$2,622,488 |
$930,651
$82,608 |
$1,609,229 |
| 16 |
$2,753,608 |
$979,165
$86,739 |
$1,687,704 |
| 17 |
$2,891,240 |
$1,030,089
$91,074 |
$1,770,077 |
| 18 |
$3,035,824 |
$1,083,585
$95,628 |
$1,856,611 |
| 19 |
$3,187,624 |
$1,139,751
$100,410 |
$1,947,463 |
| 20 |
$3,346,992 |
$1,198,717
$105,430 |
$2,042,845 |
| 21 |
$3,514,368 |
$1,260,647
$110,703 |
$2,143,018 |
| 22 |
$3,690,104 |
$1,325,669
$116,238 |
$2,248,197 |
| 23 |
$3,874,552 |
$1,393,915
$122,048 |
$2,358,589 |
| 24 |
$4,068,328 |
$1,465,612
$128,152 |
$2,474,564 |
| 25 |
$4,271,696 |
$1,540,858
$134,558 |
$2,596,280 |
| 26 |
$4,485,360 |
$1,619,914
$141,289 |
$2,724,157 |
| 27 |
$4,709,584 |
$1,702,876
$148,352 |
$2,858,356 |
| 28 |
$4,945,072 |
$1,790,007
$155,770 |
$2,999,295 |
| 29 |
$5,192,352 |
$1,881,501
$163,559 |
$3,147,292 |
| 30 |
$5,451,952 |
$1,977,553
$171,736 |
$3,302,663 |
|
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