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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 $133,000,000 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, Sep 5, 2015
Jackpot:$133,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,371,403$592,851$88,928$1,689,625
2$2,466,259$616,565$92,485$1,757,210
3$2,564,910$641,227$96,184$1,827,498
4$2,667,506$666,877$100,031$1,900,598
5$2,774,206$693,552$104,033$1,976,622
6$2,885,175$721,294$108,194$2,055,687
7$3,000,582$750,145$112,522$2,137,914
8$3,120,605$780,151$117,023$2,223,431
9$3,245,429$811,357$121,704$2,312,368
10$3,375,246$843,812$126,572$2,404,863
11$3,510,256$877,564$131,635$2,501,057
12$3,650,666$912,667$136,900$2,601,100
13$3,796,693$949,173$142,376$2,705,144
14$3,948,561$987,140$148,071$2,813,349
15$4,106,503$1,026,626$153,994$2,925,883
16$4,270,763$1,067,691$160,154$3,042,919
17$4,441,594$1,110,398$166,560$3,164,636
18$4,619,257$1,154,814$173,222$3,291,221
19$4,804,028$1,201,007$180,151$3,422,870
20$4,996,189$1,249,047$187,357$3,559,785
21$5,196,036$1,299,009$194,851$3,702,176
22$5,403,878$1,350,969$202,645$3,850,263
23$5,620,033$1,405,008$210,751$4,004,273
24$5,844,834$1,461,209$219,181$4,164,444
25$6,078,628$1,519,657$227,949$4,331,022
26$6,321,773$1,580,443$237,066$4,504,263
27$6,574,644$1,643,661$246,549$4,684,434
28$6,837,629$1,709,407$256,411$4,871,811
29$7,111,135$1,777,784$266,668$5,066,683
30$7,395,580$1,848,895$277,334$5,269,351
Total$133,000,000$33,250,000$4,987,500$94,762,500
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