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Powerball Annuity Jackpot Analysis for Illinois (Oct. 24, 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 $602,500,000 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. 24, 2018
Jackpot:$602,500,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,068,490$2,176,438$448,890$6,443,162
2$9,521,914$2,285,259$471,335$6,765,320
3$9,998,010$2,399,522$494,901$7,103,586
4$10,497,911$2,519,499$519,647$7,458,765
5$11,022,806$2,645,473$545,629$7,831,703
6$11,573,946$2,777,747$572,910$8,223,289
7$12,152,644$2,916,634$601,556$8,634,453
8$12,760,276$3,062,466$631,634$9,066,176
9$13,398,290$3,215,589$663,215$9,519,485
10$14,068,204$3,376,369$696,376$9,995,459
11$14,771,614$3,545,187$731,195$10,495,232
12$15,510,195$3,722,447$767,755$11,019,993
13$16,285,705$3,908,569$806,142$11,570,993
14$17,099,990$4,103,998$846,450$12,149,543
15$17,954,989$4,309,197$888,772$12,757,020
16$18,852,739$4,524,657$933,211$13,394,871
17$19,795,375$4,750,890$979,871$14,064,614
18$20,785,144$4,988,435$1,028,865$14,767,845
19$21,824,401$5,237,856$1,080,308$15,506,237
20$22,915,622$5,499,749$1,134,323$16,281,549
21$24,061,403$5,774,737$1,191,039$17,095,627
22$25,264,473$6,063,473$1,250,591$17,950,408
23$26,527,697$6,366,647$1,313,121$18,847,928
24$27,854,081$6,684,979$1,378,777$19,790,325
25$29,246,785$7,019,228$1,447,716$20,779,841
26$30,709,125$7,370,190$1,520,102$21,818,833
27$32,244,581$7,738,699$1,596,107$22,909,775
28$33,856,810$8,125,634$1,675,912$24,055,263
29$35,549,650$8,531,916$1,759,708$25,258,027
30$37,327,133$8,958,512$1,847,693$26,520,928
Total$602,500,001$144,600,000$29,823,750$428,076,251
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