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Illinois Powerball Jackpot Annuity Payout Schedule for Jan 5, 2022

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The tax information provided here is based on 2022 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 $632,600,000 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 prize money, as well as deductions claimed.

State:

Illinois

Drawing Date:Wed, Jan 5, 2022
Jackpot:$632,600,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$9,521,538$3,485,924$471,316$5,564,298
2$9,997,615$3,662,072$494,882$5,840,660
3$10,497,495$3,847,028$519,626$6,130,841
4$11,022,371$4,041,232$545,607$6,435,531
5$11,573,488$4,245,146$572,888$6,755,455
6$12,152,163$4,459,255$601,532$7,091,376
7$12,759,772$4,684,071$631,609$7,444,092
8$13,397,760$4,920,126$663,189$7,814,445
9$14,067,648$5,167,985$696,349$8,203,315
10$14,771,030$5,428,236$731,166$8,611,628
11$15,509,582$5,701,500$767,724$9,040,357
12$16,285,061$5,988,428$806,111$9,490,523
13$17,099,314$6,289,701$846,416$9,963,197
14$17,954,280$6,606,039$888,737$10,459,504
15$18,851,994$6,938,193$933,174$10,980,627
16$19,794,594$7,286,955$979,832$11,527,807
17$20,784,323$7,653,154$1,028,824$12,102,344
18$21,823,539$8,037,664$1,080,265$12,705,609
19$22,914,716$8,441,400$1,134,278$13,339,038
20$24,060,452$8,865,322$1,190,992$14,004,137
21$25,263,474$9,310,441$1,250,542$14,702,492
22$26,526,648$9,777,815$1,313,069$15,435,764
23$27,852,981$10,268,558$1,378,723$16,205,700
24$29,245,629$10,783,838$1,447,659$17,014,133
25$30,707,911$11,324,882$1,520,042$17,862,987
26$32,243,307$11,892,979$1,596,044$18,754,285
27$33,855,472$12,489,480$1,675,846$19,690,147
28$35,548,245$13,115,806$1,759,638$20,672,801
29$37,325,658$13,773,448$1,847,620$21,704,589
30$39,191,941$14,463,973$1,940,001$22,787,967
Total$632,600,001$232,950,651$31,313,701$368,335,649

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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.