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Illinois Powerball Jackpot Annuity Payout Schedule for Jul 24, 2024

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The tax information provided here is based on 2024 federal marginal rates and state tax rates.  It shows the final federal and state tax burdens each year, not the amount initially withheld by the lottery.

The Powerball annuity jackpot is awarded according to an annually-increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $114,000,000 for a ticket purchased in 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 exact final tax burden, which may vary depending on how the winner chooses to invest or dispense their money, as well as deductions claimed.

State:

Illinois

Drawing Date:Wed, Jul 24, 2024
Jackpot:$114,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,715,864$593,057$84,935$1,037,871
2$1,801,657$624,801$89,182$1,087,674
3$1,891,740$658,131$93,641$1,139,967
4$1,986,327$693,129$98,323$1,194,875
5$2,085,643$729,876$103,239$1,252,528
6$2,189,925$768,460$108,401$1,313,064
7$2,299,421$808,974$113,821$1,376,626
8$2,414,392$851,513$119,512$1,443,367
9$2,535,112$896,179$125,488$1,513,445
10$2,661,868$943,079$131,762$1,587,026
11$2,794,961$992,323$138,351$1,664,287
12$2,934,709$1,044,030$145,268$1,745,411
13$3,081,445$1,098,322$152,532$1,830,591
14$3,235,517$1,155,329$160,158$1,920,030
15$3,397,293$1,215,186$168,166$2,013,941
16$3,567,157$1,278,036$176,574$2,112,547
17$3,745,515$1,344,028$185,403$2,216,084
18$3,932,791$1,413,320$194,673$2,324,797
19$4,129,430$1,486,077$204,407$2,438,947
20$4,335,902$1,562,471$214,627$2,558,803
21$4,552,697$1,642,686$225,358$2,684,653
22$4,780,332$1,726,911$236,626$2,816,795
23$5,019,348$1,815,347$248,458$2,955,544
24$5,270,316$1,908,205$260,881$3,101,231
25$5,533,832$2,005,705$273,925$3,254,201
26$5,810,523$2,108,081$287,621$3,414,821
27$6,101,049$2,215,576$302,002$3,583,471
28$6,406,102$2,328,445$317,102$3,760,554
29$6,726,407$2,446,958$332,957$3,946,491
30$7,062,727$2,571,397$349,605$4,141,725
Total$114,000,000$40,925,632$5,642,998$67,431,367

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Note: The Net Payment total above may be a few dollars off from the total after-tax annuity amount shown on the Jackpot Analysis page because the Jackpot Analysis page shows an average annual payment, whereas we calculate an exact payment here.