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Illinois Powerball Jackpot Annuity Payout Schedule for Nov 28, 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 $54,800,000 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 prize money, as well as deductions claimed.

State:

Illinois

Drawing Date:Mon, Nov 28, 2022
Jackpot:$54,800,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$824,819$268,138$40,829$515,852
2$866,060$283,397$42,870$539,793
3$909,363$299,419$45,013$564,930
4$954,831$316,242$47,264$591,324
5$1,002,572$333,907$49,627$619,038
6$1,052,701$352,454$52,109$648,138
7$1,105,336$371,929$54,714$678,692
8$1,160,603$392,378$57,450$710,775
9$1,218,633$413,849$60,322$744,461
10$1,279,564$436,394$63,338$779,832
11$1,343,543$460,066$66,505$816,972
12$1,410,720$484,921$69,831$855,968
13$1,481,256$511,020$73,322$896,914
14$1,555,319$538,423$76,988$939,907
15$1,633,084$567,196$80,838$985,051
16$1,714,739$597,408$84,880$1,032,451
17$1,800,476$629,131$89,124$1,082,221
18$1,890,499$662,440$93,580$1,134,480
19$1,985,024$697,414$98,259$1,189,352
20$2,084,276$734,137$103,172$1,246,967
21$2,188,489$772,696$108,330$1,307,463
22$2,297,914$813,183$113,747$1,370,984
23$2,412,810$855,695$119,434$1,437,681
24$2,533,450$900,332$125,406$1,507,713
25$2,660,123$947,200$131,676$1,581,246
26$2,793,129$996,413$138,260$1,658,456
27$2,932,785$1,048,086$145,173$1,739,527
28$3,079,424$1,102,342$152,432$1,824,651
29$3,233,396$1,159,311$160,053$1,914,031
30$3,395,065$1,219,129$168,056$2,007,880
Total$54,800,000$19,164,650$2,712,602$32,922,750

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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.