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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 $80,000,000 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, Feb 28, 2015
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,426,408$356,602$53,490$1,016,316
2$1,483,464$370,866$55,630$1,056,968
3$1,542,803$385,701$57,855$1,099,247
4$1,604,515$401,129$60,169$1,143,217
5$1,668,696$417,174$62,576$1,188,946
6$1,735,443$433,861$65,079$1,236,503
7$1,804,861$451,215$67,682$1,285,964
8$1,877,056$469,264$70,390$1,337,402
9$1,952,138$488,034$73,205$1,390,898
10$2,030,223$507,556$76,133$1,446,534
11$2,111,432$527,858$79,179$1,504,395
12$2,195,889$548,972$82,346$1,564,571
13$2,283,725$570,931$85,640$1,627,154
14$2,375,074$593,769$89,065$1,692,240
15$2,470,077$617,519$92,628$1,759,930
16$2,568,880$642,220$96,333$1,830,327
17$2,671,635$667,909$100,186$1,903,540
18$2,778,501$694,625$104,194$1,979,682
19$2,889,641$722,410$108,362$2,058,869
20$3,005,226$751,307$112,696$2,141,224
21$3,125,435$781,359$117,204$2,226,873
22$3,250,453$812,613$121,892$2,315,948
23$3,380,471$845,118$126,768$2,408,586
24$3,515,690$878,922$131,838$2,504,929
25$3,656,317$914,079$137,112$2,605,126
26$3,802,570$950,643$142,596$2,709,331
27$3,954,673$988,668$148,300$2,817,704
28$4,112,860$1,028,215$154,232$2,930,413
29$4,277,374$1,069,344$160,402$3,047,629
30$4,448,469$1,112,117$166,818$3,169,534
Total$80,000,000$20,000,000$3,000,000$57,000,000
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