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Illinois Powerball Jackpot Annuity Payout Schedule for Dec 20, 2008

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The tax information provided here is based on 2025 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 $54,700,000 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, Dec 20, 2008
Jackpot:$54,700,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$975,306$317,884$48,278$609,145
2$1,014,319$332,318$50,209$631,792
3$1,054,891$347,330$52,217$655,344
4$1,097,087$362,942$54,306$679,839
5$1,140,971$379,179$56,478$705,313
6$1,186,609$396,066$58,737$731,807
7$1,234,074$413,628$61,087$759,360
8$1,283,437$431,892$63,530$788,015
9$1,334,774$450,887$66,071$817,816
10$1,388,165$470,641$68,714$848,810
11$1,443,692$491,186$71,463$881,043
12$1,501,439$512,553$74,321$914,565
13$1,561,497$534,774$77,294$949,429
14$1,623,957$557,884$80,386$985,687
15$1,688,915$581,919$83,601$1,023,395
16$1,756,472$606,915$86,945$1,062,612
17$1,826,731$632,911$90,423$1,103,397
18$1,899,800$659,946$94,040$1,145,814
19$1,975,792$688,063$97,802$1,189,927
20$2,054,824$717,305$101,714$1,235,805
21$2,137,016$747,716$105,782$1,283,518
22$2,222,497$779,344$110,014$1,333,139
23$2,311,397$812,237$114,414$1,384,746
24$2,403,853$846,446$118,991$1,438,416
25$2,500,007$882,023$123,750$1,494,234
26$2,600,007$919,023$128,700$1,552,284
27$2,704,008$957,503$133,848$1,612,656
28$2,812,168$997,522$139,202$1,675,443
29$2,924,655$1,039,142$144,770$1,740,742
30$3,041,641$1,082,427$150,561$1,808,652
Total$54,700,000$18,949,606$2,707,648$33,042,745

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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.