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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:  Sat, Mar 7, 2015
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$1,783,010$445,752$66,863$1,270,395
2$1,854,330$463,583$69,537$1,321,210
3$1,928,504$482,126$72,319$1,374,059
4$2,005,644$501,411$75,212$1,429,021
5$2,085,869$521,467$78,220$1,486,182
6$2,169,304$542,326$81,349$1,545,629
7$2,256,076$564,019$84,603$1,607,454
8$2,346,319$586,580$87,987$1,671,753
9$2,440,172$610,043$91,506$1,738,623
10$2,537,779$634,445$95,167$1,808,168
11$2,639,290$659,823$98,973$1,880,494
12$2,744,862$686,215$102,932$1,955,714
13$2,854,656$713,664$107,050$2,033,943
14$2,968,843$742,211$111,332$2,115,300
15$3,087,596$771,899$115,785$2,199,912
16$3,211,100$802,775$120,416$2,287,909
17$3,339,544$834,886$125,233$2,379,425
18$3,473,126$868,281$130,242$2,474,602
19$3,612,051$903,013$135,452$2,573,586
20$3,756,533$939,133$140,870$2,676,530
21$3,906,794$976,699$146,505$2,783,591
22$4,063,066$1,015,767$152,365$2,894,935
23$4,225,589$1,056,397$158,460$3,010,732
24$4,394,612$1,098,653$164,798$3,131,161
25$4,570,397$1,142,599$171,390$3,256,408
26$4,753,213$1,188,303$178,245$3,386,664
27$4,943,341$1,235,835$185,375$3,522,131
28$5,141,075$1,285,269$192,790$3,663,016
29$5,346,718$1,336,679$200,502$3,809,536
30$5,560,586$1,390,147$208,522$3,961,918
Total$100,000,000$25,000,000$3,750,000$71,250,000
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