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Powerball Annuity Jackpot Analysis for Illinois (Oct. 20, 2018 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 $476,700,000 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:  Oct. 20, 2018
Jackpot:$476,700,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$7,175,019$1,722,005$355,163$5,097,851
2$7,533,770$1,808,105$372,922$5,352,744
3$7,910,458$1,898,510$391,568$5,620,381
4$8,305,982$1,993,436$411,146$5,901,400
5$8,721,280$2,093,107$431,703$6,196,470
6$9,157,345$2,197,763$453,289$6,506,293
7$9,615,212$2,307,651$475,953$6,831,608
8$10,095,973$2,423,033$499,751$7,173,189
9$10,600,771$2,544,185$524,738$7,531,848
10$11,130,810$2,671,394$550,975$7,908,440
11$11,687,350$2,804,964$578,524$8,303,862
12$12,271,718$2,945,212$607,450$8,719,055
13$12,885,303$3,092,473$637,823$9,155,008
14$13,529,569$3,247,097$669,714$9,612,759
15$14,206,047$3,409,451$703,199$10,093,396
16$14,916,350$3,579,924$738,359$10,598,066
17$15,662,167$3,758,920$775,277$11,127,970
18$16,445,275$3,946,866$814,041$11,684,368
19$17,267,539$4,144,209$854,743$12,268,586
20$18,130,916$4,351,420$897,480$12,882,016
21$19,037,462$4,568,991$942,354$13,526,116
22$19,989,335$4,797,440$989,472$14,202,422
23$20,988,802$5,037,312$1,038,946$14,912,544
24$22,038,241$5,289,178$1,090,893$15,658,171
25$23,140,153$5,553,637$1,145,438$16,441,079
26$24,297,162$5,831,319$1,202,709$17,263,133
27$25,512,020$6,122,885$1,262,845$18,126,290
28$26,787,620$6,429,029$1,325,987$19,032,604
29$28,127,001$6,750,480$1,392,287$19,984,234
30$29,533,352$7,088,004$1,461,901$20,983,446
Total$476,700,001$114,408,000$23,596,650$338,695,351
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