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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 $60,000,000 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, Sep 28, 2016
Jackpot:$60,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$903,086$225,772$33,866$643,449
2$948,240$237,060$35,559$675,621
3$995,652$248,913$37,337$709,402
4$1,045,435$261,359$39,204$744,872
5$1,097,707$274,427$41,164$782,116
6$1,152,592$288,148$43,222$821,222
7$1,210,222$302,555$45,383$862,283
8$1,270,733$317,683$47,652$905,397
9$1,334,270$333,567$50,035$950,667
10$1,400,983$350,246$52,537$998,200
11$1,471,032$367,758$55,164$1,048,110
12$1,544,584$386,146$57,922$1,100,516
13$1,621,813$405,453$60,818$1,155,542
14$1,702,904$425,726$63,859$1,213,319
15$1,788,049$447,012$67,052$1,273,985
16$1,877,451$469,363$70,404$1,337,684
17$1,971,324$492,831$73,925$1,404,568
18$2,069,890$517,472$77,621$1,474,797
19$2,173,384$543,346$81,502$1,548,536
20$2,282,054$570,513$85,577$1,625,963
21$2,396,156$599,039$89,856$1,707,261
22$2,515,964$628,991$94,349$1,792,624
23$2,641,762$660,441$99,066$1,882,256
24$2,773,850$693,463$104,019$1,976,368
25$2,912,543$728,136$109,220$2,075,187
26$3,058,170$764,543$114,681$2,178,946
27$3,211,079$802,770$120,415$2,287,894
28$3,371,633$842,908$126,436$2,402,288
29$3,540,214$885,054$132,758$2,522,403
30$3,717,225$929,306$139,396$2,648,523
Total$60,000,000$15,000,000$2,250,000$42,750,000
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