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Powerball Annuity Jackpot Analysis for Illinois (Apr. 3, 2019 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 $54,000,000 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:  Apr. 3, 2019
Jackpot:$54,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$812,777$195,067$40,232$577,478
2$853,416$204,820$42,244$606,352
3$896,087$215,061$44,356$636,670
4$940,892$225,814$46,574$668,503
5$987,936$237,105$48,903$701,929
6$1,037,333$248,960$51,348$737,025
7$1,089,200$261,408$53,915$773,876
8$1,143,660$274,478$56,611$812,570
9$1,200,843$288,202$59,442$853,199
10$1,260,885$302,612$62,414$895,859
11$1,323,929$317,743$65,534$940,651
12$1,390,125$333,630$68,811$987,684
13$1,459,632$350,312$72,252$1,037,068
14$1,532,613$367,827$75,864$1,088,922
15$1,609,244$386,219$79,658$1,143,368
16$1,689,706$405,529$83,640$1,200,536
17$1,774,191$425,806$87,822$1,260,563
18$1,862,901$447,096$92,214$1,323,591
19$1,956,046$469,451$96,824$1,389,771
20$2,053,848$492,924$101,665$1,459,259
21$2,156,541$517,570$106,749$1,532,222
22$2,264,368$543,448$112,086$1,608,833
23$2,377,586$570,621$117,691$1,689,275
24$2,496,465$599,152$123,575$1,773,739
25$2,621,289$629,109$129,754$1,862,426
26$2,752,353$660,565$136,241$1,955,547
27$2,889,971$693,593$143,054$2,053,324
28$3,034,469$728,273$150,206$2,155,990
29$3,186,193$764,686$157,717$2,263,790
30$3,345,502$802,921$165,602$2,376,979
Total$54,000,000$12,960,000$2,673,000$38,367,000
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