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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 $122,000,000 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, Jun 26, 2019
Jackpot:$122,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,836,275$440,706$90,896$1,304,673
2$1,928,089$462,741$95,440$1,369,907
3$2,024,493$485,878$100,212$1,438,402
4$2,125,718$510,172$105,223$1,510,323
5$2,232,004$535,681$110,484$1,585,839
6$2,343,604$562,465$116,008$1,665,131
7$2,460,784$590,588$121,809$1,748,387
8$2,583,823$620,118$127,899$1,835,807
9$2,713,015$651,124$134,294$1,927,597
10$2,848,665$683,680$141,009$2,023,977
11$2,991,099$717,864$148,059$2,125,176
12$3,140,654$753,757$155,462$2,231,434
13$3,297,686$791,445$163,235$2,343,006
14$3,462,571$831,017$171,397$2,460,156
15$3,635,699$872,568$179,967$2,583,164
16$3,817,484$916,196$188,965$2,712,322
17$4,008,358$962,006$198,414$2,847,938
18$4,208,776$1,010,106$208,334$2,990,335
19$4,419,215$1,060,612$218,751$3,139,852
20$4,640,176$1,113,642$229,689$3,296,845
21$4,872,184$1,169,324$241,173$3,461,687
22$5,115,794$1,227,790$253,232$3,634,771
23$5,371,583$1,289,180$265,893$3,816,510
24$5,640,162$1,353,639$279,188$4,007,335
25$5,922,171$1,421,321$293,147$4,207,702
26$6,218,279$1,492,387$307,805$4,418,087
27$6,529,193$1,567,006$323,195$4,638,992
28$6,855,653$1,645,357$339,355$4,870,941
29$7,198,435$1,727,625$356,323$5,114,488
30$7,558,357$1,814,006$374,139$5,370,213
Total$122,000,000$29,280,000$6,039,000$86,681,000
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