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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 $102,000,000 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, Oct 24, 2020
Jackpot:$102,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,535,246$368,459$75,995$1,090,793
2$1,612,009$386,882$79,794$1,145,332
3$1,692,609$406,226$83,784$1,202,599
4$1,777,240$426,538$87,973$1,262,729
5$1,866,102$447,864$92,372$1,325,865
6$1,959,407$470,258$96,991$1,392,158
7$2,057,377$493,770$101,840$1,461,766
8$2,160,246$518,459$106,932$1,534,855
9$2,268,258$544,382$112,279$1,611,597
10$2,381,671$571,601$117,893$1,692,177
11$2,500,755$600,181$123,787$1,776,786
12$2,625,792$630,190$129,977$1,865,625
13$2,757,082$661,700$136,476$1,958,907
14$2,894,936$694,785$143,299$2,056,852
15$3,039,683$729,524$150,464$2,159,695
16$3,191,667$766,000$157,988$2,267,679
17$3,351,250$804,300$165,887$2,381,063
18$3,518,813$844,515$174,181$2,500,117
19$3,694,753$886,741$182,890$2,625,122
20$3,879,491$931,078$192,035$2,756,378
21$4,073,466$977,632$201,637$2,894,197
22$4,277,139$1,026,513$211,718$3,038,907
23$4,490,996$1,077,839$222,304$3,190,853
24$4,715,546$1,131,731$233,420$3,350,395
25$4,951,323$1,188,318$245,090$3,517,915
26$5,198,889$1,247,733$257,345$3,693,811
27$5,458,834$1,310,120$270,212$3,878,501
28$5,731,775$1,375,626$283,723$4,072,426
29$6,018,364$1,444,407$297,909$4,276,048
30$6,319,282$1,516,628$312,804$4,489,850
Total$102,000,000$24,480,000$5,049,000$72,471,000
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