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Illinois Powerball Jackpot Annuity Payout Schedule for Oct 4, 2014

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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 $60,000,000 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, Oct 4, 2014
Jackpot:$60,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,069,806$352,848$52,955$664,002
2$1,112,598$368,682$55,074$688,843
3$1,157,102$385,148$57,277$714,678
4$1,203,386$402,273$59,568$741,545
5$1,251,522$420,083$61,950$769,488
6$1,301,583$438,606$64,428$798,548
7$1,353,646$457,869$67,005$828,771
8$1,407,792$477,903$69,686$860,203
9$1,464,103$498,738$72,473$892,892
10$1,522,667$520,407$75,372$926,888
11$1,583,574$542,943$78,387$962,245
12$1,646,917$566,380$81,522$999,015
13$1,712,794$590,754$84,783$1,037,257
14$1,781,306$616,103$88,175$1,077,028
15$1,852,558$642,467$91,702$1,118,390
16$1,926,660$669,884$95,370$1,161,406
17$2,003,726$698,399$99,184$1,206,143
18$2,083,876$728,054$103,152$1,252,669
19$2,167,231$758,896$107,278$1,301,057
20$2,253,920$790,971$111,569$1,351,380
21$2,344,077$824,329$116,032$1,403,716
22$2,437,840$859,021$120,673$1,458,146
23$2,535,353$895,101$125,500$1,514,752
24$2,636,767$932,624$130,520$1,573,623
25$2,742,238$971,648$135,741$1,634,849
26$2,851,928$1,012,233$141,170$1,698,524
27$2,966,005$1,054,442$146,817$1,764,745
28$3,084,645$1,098,339$152,690$1,833,616
29$3,208,031$1,143,992$158,798$1,905,242
30$3,336,352$1,191,470$165,149$1,979,732
Total$60,000,000$20,910,607$2,970,000$36,119,393

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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.