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Powerball Annuity Jackpot Analysis for Illinois

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $150,000,000 would be for a resident of Illinois, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Illinois

Drawing Date:  Wed, Apr 23, 2014
Jackpot:$150,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,674,515$668,629$133,726$1,872,160
2$2,781,495$695,374$139,075$1,947,047
3$2,892,755$723,189$144,638$2,024,929
4$3,008,465$752,116$150,423$2,105,926
5$3,128,804$782,201$156,440$2,190,163
6$3,253,956$813,489$162,698$2,277,769
7$3,384,115$846,029$169,206$2,368,880
8$3,519,479$879,870$175,974$2,463,635
9$3,660,258$915,065$183,013$2,562,181
10$3,806,669$951,667$190,333$2,664,668
11$3,958,935$989,734$197,947$2,771,255
12$4,117,293$1,029,323$205,865$2,882,105
13$4,281,984$1,070,496$214,099$2,997,389
14$4,453,264$1,113,316$222,663$3,117,285
15$4,631,394$1,157,849$231,570$3,241,976
16$4,816,650$1,204,163$240,833$3,371,655
17$5,009,316$1,252,329$250,466$3,506,521
18$5,209,689$1,302,422$260,484$3,646,782
19$5,418,076$1,354,519$270,904$3,792,653
20$5,634,799$1,408,700$281,740$3,944,360
21$5,860,191$1,465,048$293,010$4,102,134
22$6,094,599$1,523,650$304,730$4,266,219
23$6,338,383$1,584,596$316,919$4,436,868
24$6,591,918$1,647,980$329,596$4,614,343
25$6,855,595$1,713,899$342,780$4,798,917
26$7,129,819$1,782,455$356,491$4,990,873
27$7,415,012$1,853,753$370,751$5,190,508
28$7,711,612$1,927,903$385,581$5,398,128
29$8,020,077$2,005,019$401,004$5,614,054
30$8,340,880$2,085,220$417,044$5,838,616
Total$150,000,000$37,500,000$7,500,000$105,000,000
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