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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 $50,000,000 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, Apr 1, 2015
Jackpot:$50,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$891,505$222,876$33,431$635,197
2$927,165$231,791$34,769$660,605
3$964,252$241,063$36,159$687,029
4$1,002,822$250,705$37,606$714,511
5$1,042,935$260,734$39,110$743,091
6$1,084,652$271,163$40,674$772,815
7$1,128,038$282,010$42,301$803,727
8$1,173,160$293,290$43,993$835,876
9$1,220,086$305,022$45,753$869,311
10$1,268,890$317,222$47,583$904,084
11$1,319,645$329,911$49,487$940,247
12$1,372,431$343,108$51,466$977,857
13$1,427,328$356,832$53,525$1,016,971
14$1,484,421$371,105$55,666$1,057,650
15$1,543,798$385,950$57,892$1,099,956
16$1,605,550$401,388$60,208$1,143,954
17$1,669,772$417,443$62,616$1,189,713
18$1,736,563$434,141$65,121$1,237,301
19$1,806,025$451,506$67,726$1,286,793
20$1,878,266$469,567$70,435$1,338,265
21$1,953,397$488,349$73,252$1,391,795
22$2,031,533$507,883$76,182$1,447,467
23$2,112,794$528,199$79,230$1,505,366
24$2,197,306$549,327$82,399$1,565,581
25$2,285,198$571,300$85,695$1,628,204
26$2,376,606$594,152$89,123$1,693,332
27$2,471,671$617,918$92,688$1,761,065
28$2,570,537$642,634$96,395$1,831,508
29$2,673,359$668,340$100,251$1,904,768
30$2,780,293$695,073$104,261$1,980,959
Total$50,000,000$12,500,000$1,875,000$35,625,000
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