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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 $40,000,000 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:  Sat, Mar 28, 2015
Jackpot:$40,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$713,204$178,301$26,745$508,158
2$741,732$185,433$27,815$528,484
3$771,401$192,850$28,928$549,624
4$802,257$200,564$30,085$571,608
5$834,348$208,587$31,288$594,473
6$867,722$216,930$32,540$618,252
7$902,431$225,608$33,841$642,982
8$938,528$234,632$35,195$668,701
9$976,069$244,017$36,603$695,449
10$1,015,112$253,778$38,067$723,267
11$1,055,716$263,929$39,589$752,198
12$1,097,945$274,486$41,173$782,286
13$1,141,863$285,466$42,820$813,577
14$1,187,537$296,884$44,533$846,120
15$1,235,039$308,760$46,314$879,965
16$1,284,440$321,110$48,167$915,164
17$1,335,818$333,954$50,093$951,770
18$1,389,250$347,313$52,097$989,841
19$1,444,820$361,205$54,181$1,029,435
20$1,502,613$375,653$56,348$1,070,612
21$1,562,718$390,679$58,602$1,113,436
22$1,625,226$406,307$60,946$1,157,974
23$1,690,235$422,559$63,384$1,204,293
24$1,757,845$439,461$65,919$1,252,464
25$1,828,159$457,040$68,556$1,302,563
26$1,901,285$475,321$71,298$1,354,666
27$1,977,336$494,334$74,150$1,408,852
28$2,056,430$514,107$77,116$1,465,206
29$2,138,687$534,672$80,201$1,523,815
30$2,224,235$556,059$83,409$1,584,767
Total$40,000,000$10,000,000$1,500,000$28,500,000
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