USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Oct 1, 2022

Media: You may freely use any information on this page, but you must credit usamega.com.

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 $325,400,000 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:Sat, Oct 1, 2022
Jackpot:$325,400,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$4,897,737$1,775,118$242,438$2,880,181
2$5,142,624$1,865,726$254,560$3,022,338
3$5,399,755$1,960,864$267,288$3,171,603
4$5,669,743$2,060,760$280,652$3,328,331
5$5,953,230$2,165,650$294,685$3,492,895
6$6,250,891$2,275,785$309,419$3,665,687
7$6,563,436$2,391,426$324,890$3,847,120
8$6,891,608$2,512,850$341,135$4,037,623
9$7,236,188$2,640,345$358,191$4,237,652
10$7,597,998$2,774,214$376,101$4,447,683
11$7,977,898$2,914,777$394,906$4,668,215
12$8,376,792$3,062,368$414,651$4,899,773
13$8,795,632$3,217,339$435,384$5,142,909
14$9,235,414$3,380,058$457,153$5,398,203
15$9,697,184$3,550,913$480,011$5,666,260
16$10,182,044$3,730,311$504,011$5,947,721
17$10,691,146$3,918,679$529,212$6,243,255
18$11,225,703$4,116,465$555,672$6,553,566
19$11,786,988$4,324,141$583,456$6,879,392
20$12,376,337$4,542,200$612,629$7,221,509
21$12,995,154$4,771,162$643,260$7,580,732
22$13,644,912$5,011,572$675,423$7,957,916
23$14,327,158$5,264,003$709,194$8,353,960
24$15,043,515$5,529,056$744,654$8,769,806
25$15,795,691$5,807,361$781,887$9,206,444
26$16,585,476$6,099,581$820,981$9,664,914
27$17,414,750$6,406,412$862,030$10,146,307
28$18,285,487$6,728,585$905,132$10,651,770
29$19,199,761$7,066,867$950,388$11,182,506
30$20,159,750$7,422,062$997,908$11,739,780
Total$325,400,001$119,286,650$16,107,301$190,006,051

◄ Back to Jackpot Analysis

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.