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Powerball Annuity Jackpot Analysis for Illinois (Jan. 5, 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 $69,000,000 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. 5, 2019
Jackpot:$69,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,038,549$249,252$51,408$737,889
2$1,090,476$261,714$53,979$774,784
3$1,145,000$274,800$56,678$813,523
4$1,202,250$288,540$59,511$854,199
5$1,262,363$302,967$62,487$896,909
6$1,325,481$318,115$65,611$941,754
7$1,391,755$334,021$68,892$988,842
8$1,461,343$350,722$72,336$1,038,284
9$1,534,410$368,258$75,953$1,090,198
10$1,611,130$386,671$79,751$1,144,708
11$1,691,687$406,005$83,739$1,201,944
12$1,776,271$426,305$87,925$1,262,041
13$1,865,085$447,620$92,322$1,325,143
14$1,958,339$470,001$96,938$1,391,400
15$2,056,256$493,501$101,785$1,460,970
16$2,159,069$518,177$106,874$1,534,018
17$2,267,022$544,085$112,218$1,610,719
18$2,380,373$571,290$117,828$1,691,255
19$2,499,392$599,854$123,720$1,775,818
20$2,624,362$629,847$129,906$1,864,609
21$2,755,580$661,339$136,401$1,957,839
22$2,893,359$694,406$143,221$2,055,731
23$3,038,027$729,126$150,382$2,158,518
24$3,189,928$765,583$157,901$2,266,444
25$3,349,424$803,862$165,797$2,379,766
26$3,516,896$844,055$174,086$2,498,754
27$3,692,740$886,258$182,791$2,623,692
28$3,877,377$930,571$191,930$2,754,877
29$4,071,246$977,099$201,527$2,892,620
30$4,274,809$1,025,954$211,603$3,037,252
Total$69,000,000$16,560,000$3,415,500$49,024,500
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