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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 $157,000,000 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, Feb 10, 2016
Jackpot:$157,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,363,075$590,769$88,615$1,683,691
2$2,481,229$620,307$93,046$1,767,876
3$2,605,290$651,323$97,698$1,856,269
4$2,735,555$683,889$102,583$1,949,083
5$2,872,333$718,083$107,712$2,046,537
6$3,015,949$753,987$113,098$2,148,864
7$3,166,747$791,687$118,753$2,256,307
8$3,325,084$831,271$124,691$2,369,123
9$3,491,339$872,835$130,925$2,487,579
10$3,665,905$916,476$137,471$2,611,958
11$3,849,201$962,300$144,345$2,742,556
12$4,041,661$1,010,415$151,562$2,879,683
13$4,243,744$1,060,936$159,140$3,023,667
14$4,455,931$1,113,983$167,097$3,174,851
15$4,678,727$1,169,682$175,452$3,333,593
16$4,912,664$1,228,166$184,225$3,500,273
17$5,158,297$1,289,574$193,436$3,675,287
18$5,416,212$1,354,053$203,108$3,859,051
19$5,687,022$1,421,756$213,263$4,052,004
20$5,971,374$1,492,843$223,927$4,254,604
21$6,269,942$1,567,486$235,123$4,467,334
22$6,583,439$1,645,860$246,879$4,690,701
23$6,912,611$1,728,153$259,223$4,925,236
24$7,258,242$1,814,560$272,184$5,171,497
25$7,621,154$1,905,288$285,793$5,430,072
26$8,002,212$2,000,553$300,083$5,701,576
27$8,402,322$2,100,581$315,087$5,986,655
28$8,822,438$2,205,610$330,841$6,285,987
29$9,263,560$2,315,890$347,384$6,600,287
30$9,726,738$2,431,685$364,753$6,930,301
Total$157,000,000$39,250,000$5,887,500$111,862,500
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