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Powerball Annuity Jackpot Analysis for Illinois (Jan. 12, 2019 Drawing)

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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 $96,000,000 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:  Jan. 12, 2019
Jackpot:$96,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,444,938$346,785$71,524$1,026,628
2$1,517,185$364,124$75,101$1,077,960
3$1,593,044$382,331$78,856$1,131,858
4$1,672,696$401,447$82,798$1,188,451
5$1,756,331$421,519$86,938$1,247,873
6$1,844,147$442,595$91,285$1,310,267
7$1,936,355$464,725$95,850$1,375,780
8$2,033,173$487,961$100,642$1,444,569
9$2,134,831$512,359$105,674$1,516,798
10$2,241,573$537,977$110,958$1,592,637
11$2,353,651$564,876$116,506$1,672,269
12$2,471,334$593,120$122,331$1,755,883
13$2,594,901$622,776$128,448$1,843,677
14$2,724,646$653,915$134,870$1,935,861
15$2,860,878$686,611$141,613$2,032,654
16$3,003,922$720,941$148,694$2,134,287
17$3,154,118$756,988$156,129$2,241,001
18$3,311,824$794,838$163,935$2,353,051
19$3,477,415$834,580$172,132$2,470,703
20$3,651,286$876,309$180,739$2,594,239
21$3,833,850$920,124$189,776$2,723,950
22$4,025,543$966,130$199,264$2,860,148
23$4,226,820$1,014,437$209,228$3,003,155
24$4,438,161$1,065,159$219,689$3,153,313
25$4,660,069$1,118,416$230,673$3,310,979
26$4,893,072$1,174,337$242,207$3,476,528
27$5,137,726$1,233,054$254,317$3,650,354
28$5,394,612$1,294,707$267,033$3,832,872
29$5,664,343$1,359,442$280,385$4,024,515
30$5,947,560$1,427,414$294,404$4,225,741
Total$96,000,000$23,040,000$4,752,000$68,208,000
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