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Illinois Powerball Jackpot Annuity Payout Schedule for Nov 30, 2022

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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 $65,600,000 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 money, as well as deductions claimed.

State:

Illinois

Drawing Date:Wed, Nov 30, 2022
Jackpot:$65,600,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$987,374$323,516$48,875$614,983
2$1,036,743$341,783$51,319$643,641
3$1,088,580$360,962$53,885$673,733
4$1,143,009$381,101$56,579$705,329
5$1,200,159$402,247$59,408$738,505
6$1,260,167$424,450$62,378$773,339
7$1,323,176$447,763$65,497$809,916
8$1,389,335$472,242$68,772$848,321
9$1,458,801$497,944$72,211$888,646
10$1,531,741$524,932$75,821$930,988
11$1,608,328$553,269$79,612$975,447
12$1,688,745$583,023$83,593$1,022,129
13$1,773,182$614,265$87,773$1,071,144
14$1,861,841$647,069$92,161$1,122,611
15$1,954,933$681,513$96,769$1,176,651
16$2,052,680$717,679$101,608$1,233,393
17$2,155,314$755,654$106,688$1,292,972
18$2,263,080$795,527$112,022$1,355,530
19$2,376,234$837,394$117,624$1,421,216
20$2,495,045$881,355$123,505$1,490,186
21$2,619,798$927,513$129,680$1,562,605
22$2,750,787$975,979$136,164$1,638,644
23$2,888,327$1,026,869$142,972$1,718,486
24$3,032,743$1,080,303$150,121$1,802,320
25$3,184,380$1,136,408$157,627$1,890,345
26$3,343,599$1,195,320$165,508$1,982,772
27$3,510,779$1,257,176$173,784$2,079,820
28$3,686,318$1,322,125$182,473$2,181,720
29$3,870,634$1,390,322$191,596$2,288,715
30$4,064,166$1,461,929$201,176$2,401,061
Total$65,600,000$23,017,632$3,247,201$39,335,168

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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.