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Powerball Annuity Jackpot Analysis for Illinois (Jan. 16, 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 $112,000,000 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. 16, 2019
Jackpot:$112,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,685,761$404,583$83,445$1,197,733
2$1,770,049$424,812$87,617$1,257,620
3$1,858,551$446,052$91,998$1,320,501
4$1,951,479$468,355$96,598$1,386,526
5$2,049,053$491,773$101,428$1,455,852
6$2,151,505$516,361$106,500$1,528,645
7$2,259,081$542,179$111,824$1,605,077
8$2,372,035$569,288$117,416$1,685,331
9$2,490,636$597,753$123,287$1,769,597
10$2,615,168$627,640$129,451$1,858,077
11$2,745,927$659,022$135,923$1,950,981
12$2,883,223$691,974$142,720$2,048,530
13$3,027,384$726,572$149,856$2,150,956
14$3,178,753$762,901$157,348$2,258,504
15$3,337,691$801,046$165,216$2,371,429
16$3,504,576$841,098$173,476$2,490,001
17$3,679,804$883,153$182,150$2,614,501
18$3,863,794$927,311$191,258$2,745,226
19$4,056,984$973,676$200,821$2,882,487
20$4,259,833$1,022,360$210,862$3,026,612
21$4,472,825$1,073,478$221,405$3,177,942
22$4,696,466$1,127,152$232,475$3,336,839
23$4,931,290$1,183,510$244,099$3,503,681
24$5,177,854$1,242,685$256,304$3,678,865
25$5,436,747$1,304,819$269,119$3,862,809
26$5,708,584$1,370,060$282,575$4,055,949
27$5,994,013$1,438,563$296,704$4,258,747
28$6,293,714$1,510,491$311,539$4,471,684
29$6,608,400$1,586,016$327,116$4,695,268
30$6,938,820$1,665,317$343,472$4,930,031
Total$112,000,000$26,880,000$5,544,000$79,576,000
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