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Powerball Annuity Jackpot Analysis for Illinois (Jul. 18, 2020 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 $97,000,000 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:  Jul. 18, 2020
Jackpot:$97,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,459,989$350,397$72,269$1,037,322
2$1,532,989$367,917$75,883$1,089,188
3$1,609,638$386,313$79,677$1,143,648
4$1,690,120$405,629$83,661$1,200,830
5$1,774,626$425,910$87,844$1,260,872
6$1,863,357$447,206$92,236$1,323,915
7$1,956,525$469,566$96,848$1,390,111
8$2,054,351$493,044$101,690$1,459,617
9$2,157,069$517,697$106,775$1,532,598
10$2,264,922$543,581$112,114$1,609,227
11$2,378,169$570,760$117,719$1,689,689
12$2,497,077$599,298$123,605$1,774,173
13$2,621,931$629,263$129,786$1,862,882
14$2,753,027$660,727$136,275$1,956,026
15$2,890,679$693,763$143,089$2,053,827
16$3,035,213$728,451$150,243$2,156,519
17$3,186,973$764,874$157,755$2,264,345
18$3,346,322$803,117$165,643$2,377,562
19$3,513,638$843,273$173,925$2,496,440
20$3,689,320$885,437$182,621$2,621,262
21$3,873,786$929,709$191,752$2,752,325
22$4,067,475$976,194$201,340$2,889,941
23$4,270,849$1,025,004$211,407$3,034,438
24$4,484,391$1,076,254$221,977$3,186,160
25$4,708,611$1,130,067$233,076$3,345,468
26$4,944,042$1,186,570$244,730$3,512,742
27$5,191,244$1,245,899$256,967$3,688,379
28$5,450,806$1,308,193$269,815$3,872,798
29$5,723,346$1,373,603$283,306$4,066,437
30$6,009,514$1,442,283$297,471$4,269,759
Total$97,000,000$23,280,000$4,801,500$68,918,500
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