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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 $127,000,000 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, Aug 24, 2016
Jackpot:$127,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,911,532$477,883$71,682$1,361,967
2$2,007,109$501,777$75,267$1,430,065
3$2,107,464$526,866$79,030$1,501,568
4$2,212,838$553,209$82,981$1,576,647
5$2,323,479$580,870$87,130$1,655,479
6$2,439,653$609,913$91,487$1,738,253
7$2,561,636$640,409$96,061$1,825,166
8$2,689,718$672,429$100,864$1,916,424
9$2,824,204$706,051$105,908$2,012,245
10$2,965,414$741,353$111,203$2,112,857
11$3,113,685$778,421$116,763$2,218,500
12$3,269,369$817,342$122,601$2,329,425
13$3,432,837$858,209$128,731$2,445,897
14$3,604,479$901,120$135,168$2,568,191
15$3,784,703$946,176$141,926$2,696,601
16$3,973,938$993,485$149,023$2,831,431
17$4,172,635$1,043,159$156,474$2,973,003
18$4,381,267$1,095,317$164,298$3,121,653
19$4,600,330$1,150,083$172,512$3,277,735
20$4,830,347$1,207,587$181,138$3,441,622
21$5,071,864$1,267,966$190,195$3,613,703
22$5,325,457$1,331,364$199,705$3,794,388
23$5,591,730$1,397,933$209,690$3,984,108
24$5,871,317$1,467,829$220,174$4,183,313
25$6,164,883$1,541,221$231,183$4,392,479
26$6,473,127$1,618,282$242,742$4,612,103
27$6,796,783$1,699,196$254,879$4,842,708
28$7,136,622$1,784,156$267,623$5,084,843
29$7,493,453$1,873,363$281,004$5,339,085
30$7,868,126$1,967,031$295,055$5,606,040
Total$127,000,000$31,750,000$4,762,500$90,487,500
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