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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 $135,000,000 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, Jan 18, 2017
Jackpot:$135,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,031,944$507,986$76,198$1,447,760
2$2,133,541$533,385$80,008$1,520,148
3$2,240,218$560,054$84,008$1,596,155
4$2,352,229$588,057$88,209$1,675,963
5$2,469,840$617,460$92,619$1,759,761
6$2,593,332$648,333$97,250$1,847,749
7$2,722,999$680,750$102,112$1,940,137
8$2,859,149$714,787$107,218$2,037,144
9$3,002,106$750,527$112,579$2,139,001
10$3,152,212$788,053$118,208$2,245,951
11$3,309,822$827,456$124,118$2,358,248
12$3,475,313$868,828$130,324$2,476,161
13$3,649,079$912,270$136,840$2,599,969
14$3,831,533$957,883$143,682$2,729,967
15$4,023,110$1,005,777$150,867$2,866,466
16$4,224,265$1,056,066$158,410$3,009,789
17$4,435,478$1,108,870$166,330$3,160,278
18$4,657,252$1,164,313$174,647$3,318,292
19$4,890,115$1,222,529$183,379$3,484,207
20$5,134,621$1,283,655$192,548$3,658,417
21$5,391,352$1,347,838$202,176$3,841,338
22$5,660,919$1,415,230$212,284$4,033,405
23$5,943,965$1,485,991$222,899$4,235,075
24$6,241,163$1,560,291$234,044$4,446,829
25$6,553,222$1,638,305$245,746$4,669,170
26$6,880,883$1,720,221$258,033$4,902,629
27$7,224,927$1,806,232$270,935$5,147,760
28$7,586,173$1,896,543$284,481$5,405,148
29$7,965,482$1,991,370$298,706$5,675,406
30$8,363,756$2,090,939$313,641$5,959,176
Total$135,000,000$33,750,000$5,062,500$96,187,500
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