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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 $154,000,000 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 31, 2016
Jackpot:$154,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,317,921$579,480$86,922$1,651,519
2$2,433,817$608,454$91,268$1,734,095
3$2,555,508$638,877$95,832$1,820,799
4$2,683,283$670,821$100,623$1,911,839
5$2,817,447$704,362$105,654$2,007,431
6$2,958,320$739,580$110,937$2,107,803
7$3,106,236$776,559$116,484$2,213,193
8$3,261,548$815,387$122,308$2,323,853
9$3,424,625$856,156$128,423$2,440,045
10$3,595,856$898,964$134,845$2,562,048
11$3,775,649$943,912$141,587$2,690,150
12$3,964,432$991,108$148,666$2,824,657
13$4,162,653$1,040,663$156,099$2,965,890
14$4,370,786$1,092,696$163,904$3,114,185
15$4,589,325$1,147,331$172,100$3,269,894
16$4,818,791$1,204,698$180,705$3,433,389
17$5,059,731$1,264,933$189,740$3,605,058
18$5,312,717$1,328,179$199,227$3,785,311
19$5,578,353$1,394,588$209,188$3,974,577
20$5,857,271$1,464,318$219,648$4,173,306
21$6,150,134$1,537,534$230,630$4,381,971
22$6,457,641$1,614,410$242,162$4,601,069
23$6,780,523$1,695,131$254,270$4,831,123
24$7,119,549$1,779,887$266,983$5,072,679
25$7,475,527$1,868,882$280,332$5,326,313
26$7,849,303$1,962,326$294,349$5,592,629
27$8,241,768$2,060,442$309,066$5,872,260
28$8,653,857$2,163,464$324,520$6,165,873
29$9,086,550$2,271,637$340,746$6,474,167
30$9,540,877$2,385,219$357,783$6,797,875
Total$154,000,000$38,500,000$5,775,000$109,725,000
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