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Powerball Annuity Jackpot Analysis for Illinois (Nov. 10, 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 $92,000,000 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:  Nov. 10, 2018
Jackpot:$92,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,384,732$332,336$68,544$983,852
2$1,453,969$348,952$71,971$1,033,045
3$1,526,667$366,400$75,570$1,084,697
4$1,603,000$384,720$79,349$1,138,932
5$1,683,150$403,956$83,316$1,195,878
6$1,767,308$424,154$87,482$1,255,672
7$1,855,673$445,362$91,856$1,318,456
8$1,948,457$467,630$96,449$1,384,379
9$2,045,880$491,011$101,271$1,453,598
10$2,148,174$515,562$106,335$1,526,278
11$2,255,583$541,340$111,651$1,602,591
12$2,368,362$568,407$117,234$1,682,721
13$2,486,780$596,827$123,096$1,766,857
14$2,611,119$626,669$129,250$1,855,200
15$2,741,675$658,002$135,713$1,947,960
16$2,878,758$690,902$142,499$2,045,358
17$3,022,696$725,447$149,623$2,147,626
18$3,173,831$761,719$157,105$2,255,007
19$3,332,523$799,805$164,960$2,367,757
20$3,499,149$839,796$173,208$2,486,145
21$3,674,106$881,786$181,868$2,610,453
22$3,857,812$925,875$190,962$2,740,975
23$4,050,702$972,169$200,510$2,878,024
24$4,253,237$1,020,777$210,535$3,021,925
25$4,465,899$1,071,816$221,062$3,173,021
26$4,689,194$1,125,407$232,115$3,331,672
27$4,923,654$1,181,677$243,721$3,498,256
28$5,169,837$1,240,761$255,907$3,673,169
29$5,428,328$1,302,799$268,702$3,856,827
30$5,699,745$1,367,939$282,137$4,049,669
Total$92,000,000$22,080,000$4,554,000$65,366,000
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