USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Feb 20, 2002

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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 $32,000,000 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, Feb 20, 2002
Jackpot:$32,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$570,563$170,072$28,243$372,248
2$593,386$178,060$29,373$385,953
3$617,121$186,523$30,547$400,051
4$641,806$195,656$31,769$414,381
5$667,478$205,155$33,040$429,283
6$694,177$215,033$34,362$444,782
7$721,944$225,307$35,736$460,901
8$750,822$235,992$37,166$477,665
9$780,855$247,104$38,652$495,099
10$812,089$258,661$40,198$513,230
11$844,573$270,680$41,806$532,087
12$878,356$283,179$43,479$551,698
13$913,490$296,179$45,218$572,093
14$950,030$309,699$47,026$593,304
15$988,031$323,759$48,908$615,364
16$1,027,552$338,382$50,864$638,306
17$1,068,654$353,590$52,898$662,166
18$1,111,400$369,406$55,014$686,980
19$1,155,856$385,855$57,215$712,787
20$1,202,091$402,961$59,503$739,626
21$1,250,174$420,752$61,884$767,538
22$1,300,181$439,255$64,359$796,567
23$1,352,188$458,497$66,933$826,758
24$1,406,276$478,510$69,611$858,155
25$1,462,527$499,323$72,395$890,809
26$1,521,028$520,968$75,291$924,769
27$1,581,869$543,479$78,303$960,087
28$1,645,144$566,891$81,435$996,818
29$1,710,950$591,239$84,692$1,035,019
30$1,779,388$616,561$88,080$1,074,747
Total$32,000,000$10,586,728$1,584,000$19,829,271

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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.