USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Mar 29, 2008

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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 $37,800,000 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, Mar 29, 2008
Jackpot:$37,800,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$673,978$207,560$33,362$433,056
2$700,937$217,534$34,696$448,706
3$728,974$227,908$36,084$464,982
4$758,133$238,697$37,528$481,909
5$788,459$249,917$39,029$499,512
6$819,997$261,587$40,590$517,820
7$852,797$273,723$42,213$536,861
8$886,909$286,344$43,902$556,663
9$922,385$299,470$45,658$577,257
10$959,280$313,122$47,484$598,675
11$997,652$327,319$49,384$620,949
12$1,037,558$342,084$51,359$644,115
13$1,079,060$357,440$53,413$668,207
14$1,122,222$373,410$55,550$693,262
15$1,167,111$390,019$57,772$719,320
16$1,213,796$407,292$60,083$746,421
17$1,262,348$425,256$62,486$774,605
18$1,312,842$443,939$64,986$803,917
19$1,365,355$463,369$67,585$834,401
20$1,419,969$483,576$70,288$866,105
21$1,476,768$504,592$73,100$899,076
22$1,535,839$526,448$76,024$933,367
23$1,597,273$549,179$79,065$969,029
24$1,661,163$572,818$82,228$1,006,118
25$1,727,610$597,403$85,517$1,044,690
26$1,796,714$622,972$88,937$1,084,805
27$1,868,583$649,563$92,495$1,126,525
28$1,943,326$677,218$96,195$1,169,913
29$2,021,059$705,980$100,042$1,215,037
30$2,101,902$735,891$104,044$1,261,966
Total$37,800,000$12,731,630$1,871,099$23,197,269

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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.