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Powerball Annuity Jackpot Analysis for Illinois (Sep. 23, 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 $22,000,000 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:  Sep. 23, 2020
Jackpot:$22,000,000
Federal Tax:  24%
State Tax:4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$331,132$79,472$16,391$235,269
2$347,688$83,445$17,211$247,032
3$365,073$87,617$18,071$259,384
4$383,326$91,998$18,975$272,353
5$402,492$96,598$19,923$285,971
6$422,617$101,428$20,920$300,269
7$443,748$106,500$21,966$315,283
8$465,935$111,824$23,064$331,047
9$489,232$117,416$24,217$347,599
10$513,694$123,287$25,428$364,979
11$539,378$129,451$26,699$383,228
12$566,347$135,923$28,034$402,390
13$594,665$142,720$29,436$422,509
14$624,398$149,856$30,908$443,635
15$655,618$157,348$32,453$465,816
16$688,399$165,216$34,076$489,107
17$722,819$173,476$35,780$513,563
18$758,960$182,150$37,569$539,241
19$796,908$191,258$39,447$566,203
20$836,753$200,821$41,419$594,513
21$878,591$210,862$43,490$624,239
22$922,520$221,405$45,665$655,451
23$968,646$232,475$47,948$688,223
24$1,017,078$244,099$50,345$722,634
25$1,067,932$256,304$52,863$758,766
26$1,121,329$269,119$55,506$796,704
27$1,177,395$282,575$58,281$836,539
28$1,236,265$296,704$61,195$878,366
29$1,298,079$311,539$64,255$922,285
30$1,362,982$327,116$67,468$968,399
Total$22,000,000$5,280,000$1,089,000$15,631,000
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