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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 $415,000,000 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, May 7, 2016
Jackpot:$415,000,000
Federal Tax:  25%
State Tax:3.75%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,246,346$1,561,586$234,238$4,450,521
2$6,558,663$1,639,666$245,950$4,673,047
3$6,886,596$1,721,649$258,247$4,906,700
4$7,230,926$1,807,731$271,160$5,152,035
5$7,592,472$1,898,118$284,718$5,409,636
6$7,972,096$1,993,024$298,954$5,680,118
7$8,370,701$2,092,675$313,901$5,964,124
8$8,789,236$2,197,309$329,596$6,262,330
9$9,228,697$2,307,174$346,076$6,575,447
10$9,690,132$2,422,533$363,380$6,904,219
11$10,174,639$2,543,660$381,549$7,249,430
12$10,683,371$2,670,843$400,626$7,611,902
13$11,217,539$2,804,385$420,658$7,992,497
14$11,778,416$2,944,604$441,691$8,392,122
15$12,367,337$3,091,834$463,775$8,811,728
16$12,985,704$3,246,426$486,964$9,252,314
17$13,634,989$3,408,747$511,312$9,714,930
18$14,316,738$3,579,185$536,878$10,200,676
19$15,032,575$3,758,144$563,722$10,710,710
20$15,784,204$3,946,051$591,908$11,246,245
21$16,573,414$4,143,354$621,503$11,808,558
22$17,402,085$4,350,521$652,578$12,398,986
23$18,272,189$4,568,047$685,207$13,018,935
24$19,185,799$4,796,450$719,467$13,669,882
25$20,145,089$5,036,272$755,441$14,353,376
26$21,152,343$5,288,086$793,213$15,071,045
27$22,209,960$5,552,490$832,874$15,824,597
28$23,320,458$5,830,115$874,517$16,615,826
29$24,486,481$6,121,620$918,243$17,446,618
30$25,710,805$6,427,701$964,155$18,318,949
Total$415,000,001$103,750,000$15,562,500$295,687,501
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