USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Jul 27, 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 $12,000,000 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:Sat, Jul 27, 2002
Jackpot:$12,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$213,961$46,154$10,591$157,216
2$222,520$48,893$11,015$162,612
3$231,420$51,741$11,455$168,224
4$240,677$54,703$11,914$174,060
5$250,304$57,981$12,390$179,933
6$260,317$61,486$12,886$185,945
7$270,729$65,130$13,401$192,198
8$281,558$68,920$13,937$198,701
9$292,821$72,862$14,495$205,464
10$304,533$76,961$15,074$212,498
11$316,715$81,225$15,677$219,813
12$329,383$85,659$16,304$227,420
13$342,559$90,270$16,957$235,332
14$356,261$95,066$17,635$243,560
15$370,512$100,054$18,340$252,117
16$385,332$105,241$19,074$261,017
17$400,745$110,636$19,837$270,273
18$416,775$116,246$20,630$279,899
19$433,446$122,081$21,456$289,910
20$450,784$128,149$22,314$300,321
21$468,815$134,460$23,206$311,149
22$487,568$141,024$24,135$322,410
23$507,071$147,849$25,100$334,121
24$527,353$154,948$26,104$346,301
25$548,448$162,331$27,148$358,968
26$570,386$170,010$28,234$372,142
27$593,201$177,995$29,363$385,842
28$616,929$186,451$30,538$399,940
29$641,606$195,582$31,760$414,265
30$667,270$205,078$33,030$429,163
Total$12,000,000$3,315,186$594,000$8,090,814

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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.