USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Jul 19, 1997

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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 $24,200,000 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:Sat, Jul 19, 1997
Jackpot:$24,200,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$431,488$121,396$21,359$288,734
2$448,748$127,437$22,213$299,098
3$466,698$133,719$23,102$309,877
4$485,366$140,253$24,026$321,087
5$504,780$147,048$24,987$332,746
6$524,972$154,115$25,986$344,871
7$545,970$161,464$27,026$357,481
8$567,809$169,108$28,107$370,595
9$590,522$177,057$29,231$384,234
10$614,143$185,420$30,400$398,322
11$638,708$194,510$31,616$412,582
12$664,257$203,963$32,881$427,413
13$690,827$213,794$34,196$442,837
14$718,460$224,018$35,564$458,878
15$747,198$234,651$36,986$475,561
16$777,086$245,710$38,466$492,911
17$808,170$257,211$40,004$510,955
18$840,496$269,171$41,605$529,720
19$874,116$281,611$43,269$549,237
20$909,081$294,548$45,000$569,534
21$945,444$308,002$46,799$590,643
22$983,262$321,995$48,671$612,596
23$1,022,592$336,547$50,618$635,427
24$1,063,496$351,681$52,643$659,172
25$1,106,036$367,421$54,749$683,866
26$1,150,277$383,790$56,939$709,548
27$1,196,289$400,815$59,216$736,258
28$1,244,140$418,520$61,585$764,036
29$1,293,906$436,933$64,048$792,925
30$1,345,662$456,083$66,610$822,969
Total$24,200,000$7,717,991$1,197,902$15,284,113

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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.