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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 $314,000,000 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, Apr 30, 2016
Jackpot:$314,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,726,151$1,181,538$177,231$3,367,382
2$4,962,458$1,240,615$186,092$3,535,751
3$5,210,581$1,302,645$195,397$3,712,539
4$5,471,110$1,367,778$205,167$3,898,166
5$5,744,665$1,436,166$215,425$4,093,074
6$6,031,899$1,507,975$226,196$4,297,728
7$6,333,494$1,583,373$237,506$4,512,614
8$6,650,169$1,662,542$249,381$4,738,245
9$6,982,677$1,745,669$261,850$4,975,157
10$7,331,811$1,832,953$274,943$5,223,915
11$7,698,401$1,924,600$288,690$5,485,111
12$8,083,321$2,020,830$303,125$5,759,367
13$8,487,488$2,121,872$318,281$6,047,335
14$8,911,862$2,227,965$334,195$6,349,702
15$9,357,455$2,339,364$350,905$6,667,187
16$9,825,328$2,456,332$368,450$7,000,546
17$10,316,594$2,579,149$386,872$7,350,573
18$10,832,424$2,708,106$406,216$7,718,102
19$11,374,045$2,843,511$426,527$8,104,007
20$11,942,747$2,985,687$447,853$8,509,207
21$12,539,885$3,134,971$470,246$8,934,668
22$13,166,879$3,291,720$493,758$9,381,401
23$13,825,223$3,456,306$518,446$9,850,471
24$14,516,484$3,629,121$544,368$10,342,995
25$15,242,308$3,810,577$571,587$10,860,144
26$16,004,424$4,001,106$600,166$11,403,152
27$16,804,645$4,201,161$630,174$11,973,309
28$17,644,877$4,411,219$661,683$12,571,975
29$18,527,121$4,631,780$694,767$13,200,573
30$19,453,477$4,863,369$729,505$13,860,602
Total$314,000,001$78,500,000$11,775,000$223,725,000
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