USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Jul 6, 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 $20,900,000 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 6, 2002
Jackpot:$20,900,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$372,649$100,802$18,446$253,401
2$387,555$106,019$19,184$262,352
3$403,057$111,445$19,951$271,661
4$419,180$117,088$20,749$281,343
5$435,947$122,956$21,579$291,411
6$453,385$129,059$22,443$301,883
7$471,520$135,407$23,340$312,773
8$490,381$142,008$24,274$324,099
9$509,996$148,873$25,245$335,878
10$530,396$156,013$26,255$348,128
11$551,612$163,439$27,305$360,868
12$573,676$171,161$28,397$374,118
13$596,623$179,193$29,533$387,897
14$620,488$187,768$30,714$402,006
15$645,308$196,952$31,943$416,413
16$671,120$206,502$33,220$431,397
17$697,965$216,435$34,549$446,981
18$725,883$226,765$35,931$463,188
19$754,919$237,508$37,368$480,043
20$785,115$248,680$38,863$497,572
21$816,520$260,300$40,418$515,802
22$849,181$272,385$42,034$534,762
23$883,148$284,953$43,716$554,480
24$918,474$298,023$45,464$574,986
25$955,213$311,617$47,283$596,313
26$993,421$325,754$49,174$618,493
27$1,033,158$340,456$51,141$641,561
28$1,074,485$355,747$53,187$665,551
29$1,117,464$371,649$55,314$690,500
30$1,162,163$388,188$57,527$716,448
Total$20,900,000$6,513,145$1,034,547$13,352,308

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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.