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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 $390,000,000 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, Jul 23, 2016
Jackpot:$390,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$5,870,060$1,467,515$220,127$4,182,418
2$6,163,563$1,540,891$231,134$4,391,538
3$6,471,741$1,617,935$242,690$4,611,115
4$6,795,328$1,698,832$254,825$4,841,671
5$7,135,094$1,783,774$267,566$5,083,755
6$7,491,849$1,872,962$280,944$5,337,942
7$7,866,442$1,966,610$294,992$5,604,840
8$8,259,764$2,064,941$309,741$5,885,082
9$8,672,752$2,168,188$325,228$6,179,336
10$9,106,389$2,276,597$341,490$6,488,302
11$9,561,709$2,390,427$358,564$6,812,718
12$10,039,794$2,509,949$376,492$7,153,353
13$10,541,784$2,635,446$395,317$7,511,021
14$11,068,873$2,767,218$415,083$7,886,572
15$11,622,317$2,905,579$435,837$8,280,901
16$12,203,433$3,050,858$457,629$8,694,946
17$12,813,604$3,203,401$480,510$9,129,693
18$13,454,284$3,363,571$504,536$9,586,178
19$14,126,998$3,531,750$529,762$10,065,486
20$14,833,349$3,708,337$556,251$10,568,761
21$15,575,016$3,893,754$584,063$11,097,199
22$16,353,767$4,088,442$613,266$11,652,059
23$17,171,455$4,292,864$643,930$12,234,662
24$18,030,028$4,507,507$676,126$12,846,395
25$18,931,529$4,732,882$709,932$13,488,714
26$19,878,106$4,969,526$745,429$14,163,150
27$20,872,011$5,218,003$782,700$14,871,308
28$21,915,611$5,478,903$821,835$15,614,873
29$23,011,392$5,752,848$862,927$16,395,617
30$24,161,962$6,040,490$906,074$17,215,398
Total$390,000,001$97,500,000$14,625,000$277,875,001
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