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Powerball Annuity Jackpot Analysis for Illinois (Nov. 7, 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 $71,000,000 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. 7, 2018
Jackpot:$71,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,068,652$256,476$52,898$759,277
2$1,122,084$269,300$55,543$797,241
3$1,178,189$282,765$58,320$837,103
4$1,237,098$296,904$61,236$878,958
5$1,298,953$311,749$64,298$922,906
6$1,363,901$327,336$67,513$969,051
7$1,432,096$343,703$70,889$1,017,504
8$1,503,701$360,888$74,433$1,068,379
9$1,578,886$378,933$78,155$1,121,798
10$1,657,830$397,879$82,063$1,177,888
11$1,740,721$417,773$86,166$1,236,783
12$1,827,757$438,662$90,474$1,298,622
13$1,919,145$460,595$94,998$1,363,553
14$2,015,103$483,625$99,748$1,431,730
15$2,115,858$507,806$104,735$1,503,317
16$2,221,651$533,196$109,972$1,578,483
17$2,332,733$559,856$115,470$1,657,407
18$2,449,370$587,849$121,244$1,740,277
19$2,571,838$617,241$127,306$1,827,291
20$2,700,430$648,103$133,671$1,918,656
21$2,835,452$680,508$140,355$2,014,588
22$2,977,224$714,534$147,373$2,115,318
23$3,126,085$750,260$154,741$2,221,084
24$3,282,390$787,774$162,478$2,332,138
25$3,446,509$827,162$170,602$2,448,745
26$3,618,835$868,520$179,132$2,571,182
27$3,799,776$911,946$188,089$2,699,741
28$3,989,765$957,544$197,493$2,834,728
29$4,189,253$1,005,421$207,368$2,976,465
30$4,398,716$1,055,692$217,736$3,125,288
Total$71,000,000$17,040,000$3,514,500$50,445,500
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