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Powerball Annuity Jackpot Analysis for Illinois (Oct. 27, 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 $687,800,000 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. 27, 2018
Jackpot:$687,800,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,352,377$2,484,570$512,443$7,355,364
2$10,869,996$2,608,799$538,065$7,723,132
3$11,413,496$2,739,239$564,968$8,109,289
4$11,984,171$2,876,201$593,216$8,514,753
5$12,583,379$3,020,011$622,877$8,940,491
6$13,212,548$3,171,011$654,021$9,387,515
7$13,873,176$3,329,562$686,722$9,856,891
8$14,566,834$3,496,040$721,058$10,349,736
9$15,295,176$3,670,842$757,111$10,867,223
10$16,059,935$3,854,384$794,967$11,410,584
11$16,862,932$4,047,104$834,715$11,981,113
12$17,706,078$4,249,459$876,451$12,580,168
13$18,591,382$4,461,932$920,273$13,209,177
14$19,520,951$4,685,028$966,287$13,869,636
15$20,496,998$4,919,280$1,014,601$14,563,117
16$21,521,849$5,165,244$1,065,332$15,291,273
17$22,597,941$5,423,506$1,118,598$16,055,837
18$23,727,838$5,694,681$1,174,528$16,858,629
19$24,914,230$5,979,415$1,233,254$17,701,560
20$26,159,941$6,278,386$1,294,917$18,586,638
21$27,467,938$6,592,305$1,359,663$19,515,970
22$28,841,335$6,921,920$1,427,646$20,491,769
23$30,283,402$7,268,016$1,499,028$21,516,357
24$31,797,572$7,631,417$1,573,980$22,592,175
25$33,387,450$8,012,988$1,652,679$23,721,783
26$35,056,823$8,413,638$1,735,313$24,907,873
27$36,809,665$8,834,319$1,822,078$26,153,267
28$38,650,147$9,276,035$1,913,182$27,460,930
29$40,582,655$9,739,837$2,008,841$28,833,976
30$42,611,788$10,226,829$2,109,283$30,275,675
Total$687,800,001$165,072,000$34,046,100$488,681,901
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