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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 $85,000,000 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, Dec 10, 2016
Jackpot:$85,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,279,372$319,843$47,976$911,553
2$1,343,341$335,835$50,375$957,130
3$1,410,508$352,627$52,894$1,004,987
4$1,481,033$370,258$55,539$1,055,236
5$1,555,085$388,771$58,316$1,107,998
6$1,632,839$408,210$61,231$1,163,398
7$1,714,481$428,620$64,293$1,221,568
8$1,800,205$450,051$67,508$1,282,646
9$1,890,215$472,554$70,883$1,346,778
10$1,984,726$496,181$74,427$1,414,117
11$2,083,962$520,991$78,149$1,484,823
12$2,188,160$547,040$82,056$1,559,064
13$2,297,568$574,392$86,159$1,637,017
14$2,412,447$603,112$90,467$1,718,868
15$2,533,069$633,267$94,990$1,804,812
16$2,659,723$664,931$99,740$1,895,052
17$2,792,709$698,177$104,727$1,989,805
18$2,932,344$733,086$109,963$2,089,295
19$3,078,961$769,740$115,461$2,193,760
20$3,232,909$808,227$121,234$2,303,448
21$3,394,555$848,639$127,296$2,418,620
22$3,564,282$891,071$133,661$2,539,551
23$3,742,497$935,624$140,344$2,666,529
24$3,929,621$982,405$147,361$2,799,855
25$4,126,102$1,031,526$154,729$2,939,848
26$4,332,408$1,083,102$162,465$3,086,840
27$4,549,028$1,137,257$170,589$3,241,182
28$4,776,479$1,194,120$179,118$3,403,242
29$5,015,303$1,253,826$188,074$3,573,404
30$5,266,069$1,316,517$197,478$3,752,074
Total$85,000,000$21,250,000$3,187,500$60,562,500
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