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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 $100,000,000 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, Jun 1, 2016
Jackpot:$100,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,505,144$376,286$56,443$1,072,415
2$1,580,401$395,100$59,265$1,126,035
3$1,659,421$414,855$62,228$1,182,337
4$1,742,392$435,598$65,340$1,241,454
5$1,829,511$457,378$68,607$1,303,527
6$1,920,987$480,247$72,037$1,368,703
7$2,017,036$504,259$75,639$1,437,138
8$2,117,888$529,472$79,421$1,508,995
9$2,223,783$555,946$83,392$1,584,445
10$2,334,972$583,743$87,561$1,663,667
11$2,451,720$612,930$91,940$1,746,851
12$2,574,306$643,577$96,536$1,834,193
13$2,703,022$675,755$101,363$1,925,903
14$2,838,173$709,543$106,431$2,022,198
15$2,980,081$745,020$111,753$2,123,308
16$3,129,085$782,271$117,341$2,229,473
17$3,285,540$821,385$123,208$2,340,947
18$3,449,817$862,454$129,368$2,457,994
19$3,622,307$905,577$135,837$2,580,894
20$3,803,423$950,856$142,628$2,709,939
21$3,993,594$998,398$149,760$2,845,436
22$4,193,274$1,048,318$157,248$2,987,707
23$4,402,937$1,100,734$165,110$3,137,093
24$4,623,084$1,155,771$173,366$3,293,947
25$4,854,238$1,213,560$182,034$3,458,645
26$5,096,950$1,274,238$191,136$3,631,577
27$5,351,798$1,337,949$200,692$3,813,156
28$5,619,388$1,404,847$210,727$4,003,814
29$5,900,357$1,475,089$221,263$4,204,004
30$6,195,375$1,548,844$232,327$4,414,205
Total$100,000,000$25,000,000$3,750,000$71,250,000
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