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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 $67,000,000 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, Dec 7, 2016
Jackpot:$67,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,008,446$252,112$37,817$718,518
2$1,058,868$264,717$39,708$754,444
3$1,111,812$277,953$41,693$792,166
4$1,167,403$291,851$43,778$831,774
5$1,225,773$306,443$45,966$873,363
6$1,287,061$321,765$48,265$917,031
7$1,351,414$337,854$50,678$962,883
8$1,418,985$354,746$53,212$1,011,027
9$1,489,934$372,484$55,873$1,061,578
10$1,564,431$391,108$58,666$1,114,657
11$1,642,653$410,663$61,599$1,170,390
12$1,724,785$431,196$64,679$1,228,909
13$1,811,024$452,756$67,913$1,290,355
14$1,901,576$475,394$71,309$1,354,873
15$1,996,654$499,164$74,875$1,422,616
16$2,096,487$524,122$78,618$1,493,747
17$2,201,311$550,328$82,549$1,568,434
18$2,311,377$577,844$86,677$1,646,856
19$2,426,946$606,736$91,010$1,729,199
20$2,548,293$637,073$95,561$1,815,659
21$2,675,708$668,927$100,339$1,906,442
22$2,809,493$702,373$105,356$2,001,764
23$2,949,968$737,492$110,624$2,101,852
24$3,097,466$774,367$116,155$2,206,945
25$3,252,340$813,085$121,963$2,317,292
26$3,414,957$853,739$128,061$2,433,157
27$3,585,704$896,426$134,464$2,554,814
28$3,764,990$941,247$141,187$2,682,555
29$3,953,239$988,310$148,246$2,816,683
30$4,150,901$1,037,725$155,659$2,957,517
Total$67,000,000$16,750,000$2,512,500$47,737,500
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