USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Mar 2, 2005

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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 $12,300,000 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, Mar 2, 2005
Jackpot:$12,300,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$219,310$47,866$10,856$160,589
2$228,083$50,673$11,290$166,120
3$237,206$53,592$11,742$171,872
4$246,694$56,718$12,211$177,765
5$256,562$60,171$12,700$183,691
6$266,824$63,763$13,208$189,853
7$277,497$67,499$13,736$196,262
8$288,597$71,384$14,286$202,928
9$300,141$75,424$14,857$209,860
10$312,147$79,626$15,451$217,069
11$324,633$83,996$16,069$224,567
12$337,618$88,541$16,712$232,365
13$351,123$93,268$17,381$240,474
14$365,168$98,183$18,076$248,908
15$379,774$103,296$18,799$257,680
16$394,965$108,613$19,551$266,802
17$410,764$114,142$20,333$276,289
18$427,194$119,893$21,146$286,156
19$444,282$125,874$21,992$296,417
20$462,054$132,093$22,872$307,088
21$480,536$138,562$23,787$318,187
22$499,757$145,290$24,738$329,729
23$519,747$152,286$25,727$341,734
24$540,537$159,563$26,757$354,218
25$562,159$167,130$27,827$367,202
26$584,645$175,001$28,940$380,705
27$608,031$183,186$30,098$394,748
28$632,352$192,158$31,301$408,893
29$657,646$201,517$32,553$423,576
30$683,952$211,250$33,856$438,846
Total$12,300,000$3,420,558$608,852$8,270,593

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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.