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Powerball Annuity Jackpot Analysis for Illinois (Nov. 3, 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 $53,000,000 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. 3, 2018
Jackpot:$53,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$797,726$191,454$39,487$566,784
2$837,612$201,027$41,462$595,124
3$879,493$211,078$43,535$624,880
4$923,468$221,632$45,712$656,124
5$969,641$232,714$47,997$688,930
6$1,018,123$244,350$50,397$723,376
7$1,069,029$256,567$52,917$759,545
8$1,122,481$269,395$55,563$797,523
9$1,178,605$282,865$58,341$837,399
10$1,237,535$297,008$61,258$879,269
11$1,299,412$311,859$64,321$923,232
12$1,364,382$327,452$67,537$969,394
13$1,432,601$343,824$70,914$1,017,863
14$1,504,231$361,016$74,459$1,068,756
15$1,579,443$379,066$78,182$1,122,194
16$1,658,415$398,020$82,092$1,178,304
17$1,741,336$417,921$86,196$1,237,219
18$1,828,403$438,817$90,506$1,299,080
19$1,919,823$460,757$95,031$1,364,034
20$2,015,814$483,795$99,783$1,432,236
21$2,116,605$507,985$104,772$1,503,848
22$2,222,435$533,384$110,011$1,579,040
23$2,333,557$560,054$115,511$1,657,992
24$2,450,235$588,056$121,287$1,740,892
25$2,572,746$617,459$127,351$1,827,936
26$2,701,384$648,332$133,718$1,919,333
27$2,836,453$680,749$140,404$2,015,300
28$2,978,275$714,786$147,425$2,116,065
29$3,127,189$750,525$154,796$2,221,868
30$3,283,549$788,052$162,536$2,332,961
Total$53,000,000$12,720,000$2,623,500$37,656,500
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