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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 $136,000,000 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, Apr 20, 2019
Jackpot:$136,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,046,995$491,279$101,326$1,454,390
2$2,149,345$515,843$106,393$1,527,110
3$2,256,812$541,635$111,712$1,603,465
4$2,369,653$568,717$117,298$1,683,638
5$2,488,135$597,152$123,163$1,767,820
6$2,612,542$627,010$129,321$1,856,211
7$2,743,169$658,361$135,787$1,949,022
8$2,880,328$691,279$142,576$2,046,473
9$3,024,344$725,843$149,705$2,148,797
10$3,175,561$762,135$157,190$2,256,236
11$3,334,339$800,241$165,050$2,369,048
12$3,501,056$840,254$173,302$2,487,501
13$3,676,109$882,266$181,967$2,611,876
14$3,859,915$926,380$191,066$2,742,469
15$4,052,910$972,699$200,619$2,879,593
16$4,255,556$1,021,333$210,650$3,023,573
17$4,468,334$1,072,400$221,183$3,174,751
18$4,691,750$1,126,020$232,242$3,333,489
19$4,926,338$1,182,321$243,854$3,500,163
20$5,172,655$1,241,437$256,046$3,675,171
21$5,431,288$1,303,509$268,849$3,858,930
22$5,702,852$1,368,684$282,291$4,051,876
23$5,987,995$1,437,119$296,406$4,254,470
24$6,287,394$1,508,975$311,226$4,467,194
25$6,601,764$1,584,423$326,787$4,690,553
26$6,931,852$1,663,645$343,127$4,925,081
27$7,278,445$1,746,827$360,283$5,171,335
28$7,642,367$1,834,168$378,297$5,429,902
29$8,024,485$1,925,876$397,212$5,701,397
30$8,425,710$2,022,170$417,073$5,986,467
Total$136,000,000$32,640,000$6,732,000$96,628,000
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