USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Jun 8, 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 $30,600,000 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, Jun 8, 2002
Jackpot:$30,600,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$545,601$161,335$27,007$357,259
2$567,425$168,974$28,088$370,364
3$590,122$176,917$29,211$383,994
4$613,727$185,267$30,379$398,081
5$638,276$194,350$31,595$412,331
6$663,807$203,796$32,858$427,152
7$690,359$213,621$34,173$442,566
8$717,974$223,838$35,540$458,596
9$746,693$234,464$36,961$475,267
10$776,560$245,515$38,440$492,606
11$807,623$257,008$39,977$510,637
12$839,928$268,961$41,576$529,390
13$873,525$281,392$43,239$548,893
14$908,466$294,320$44,969$569,177
15$944,804$307,765$46,768$590,271
16$982,597$321,749$48,639$612,210
17$1,021,901$336,291$50,584$635,025
18$1,062,777$351,415$52,607$658,754
19$1,105,288$367,144$54,712$683,432
20$1,149,499$383,502$56,900$709,096
21$1,195,479$400,515$59,176$735,788
22$1,243,298$418,208$61,543$763,547
23$1,293,030$436,609$64,005$792,416
24$1,344,751$455,746$66,565$822,440
25$1,398,541$475,648$69,228$853,666
26$1,454,483$496,346$71,997$886,140
27$1,512,662$517,873$74,877$919,913
28$1,573,169$540,260$77,872$955,037
29$1,636,096$563,543$80,987$991,566
30$1,701,539$587,757$84,226$1,029,556
Total$30,600,000$10,070,129$1,514,699$19,015,170

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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.