USA Mega
Home of Mega Millions and Powerball, the USA's biggest multi-state lottery games.
Marketplace

Powerball Annuity Jackpot Analysis for Illinois (Aug. 29, 2020 Drawing)

Media: You may freely use any information on this page, but you must credit www.usamega.com.

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 $47,000,000 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:  Aug. 29, 2020
Jackpot:$47,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$707,417$169,780$35,017$502,620
2$742,788$178,269$36,768$527,751
3$779,928$187,183$38,606$554,139
4$818,924$196,542$40,537$581,846
5$859,870$206,369$42,564$610,938
6$902,864$216,687$44,692$641,485
7$948,007$227,522$46,926$673,559
8$995,407$238,898$49,273$707,237
9$1,045,178$250,843$51,736$742,599
10$1,097,437$263,385$54,323$779,729
11$1,152,308$276,554$57,039$818,715
12$1,209,924$290,382$59,891$859,651
13$1,270,420$304,901$62,886$902,633
14$1,333,941$320,146$66,030$947,765
15$1,400,638$336,153$69,332$995,153
16$1,470,670$352,961$72,798$1,044,911
17$1,544,204$370,609$76,438$1,097,157
18$1,621,414$389,139$80,260$1,152,014
19$1,702,484$408,596$84,273$1,209,615
20$1,787,609$429,026$88,487$1,270,096
21$1,876,989$450,477$92,911$1,333,601
22$1,970,839$473,001$97,557$1,400,281
23$2,069,380$496,651$102,434$1,470,295
24$2,172,849$521,484$107,556$1,543,810
25$2,281,492$547,558$112,934$1,621,000
26$2,395,567$574,936$118,581$1,702,050
27$2,515,345$603,683$124,510$1,787,153
28$2,641,112$633,867$130,735$1,876,510
29$2,773,168$665,560$137,272$1,970,336
30$2,911,826$698,838$144,135$2,068,852
Total$47,000,000$11,280,000$2,326,500$33,393,500
<( Back )Powerball Jackpot Analysis
(Current Drawing)
Top ^



Accuracy Statement  |  Advertise  |  Privacy Policy  |  Site Map  |  DMCA  |  Terms of Use
Copyright © 1999-2020 Speednet Group.  All rights reserved.