USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Nov 7, 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 $2,040,100,000 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:Mon, Nov 7, 2022
Jackpot:$2,040,100,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$30,706,433$11,324,335$1,519,968$17,862,129
2$32,241,755$11,892,404$1,595,967$18,753,384
3$33,853,842$12,488,876$1,675,765$19,689,200
4$35,546,535$13,115,173$1,759,553$20,671,809
5$37,323,860$13,772,783$1,847,531$21,703,546
6$39,190,054$14,463,275$1,939,908$22,786,871
7$41,149,558$15,188,291$2,036,903$23,924,363
8$43,207,035$15,949,558$2,138,748$25,118,729
9$45,367,387$16,748,888$2,245,686$26,372,813
10$47,635,756$17,588,185$2,357,970$27,689,601
11$50,017,544$18,469,446$2,475,868$29,072,229
12$52,518,421$19,394,771$2,599,662$30,523,988
13$55,144,342$20,366,361$2,729,645$32,048,335
14$57,901,559$21,386,532$2,866,127$33,648,900
15$60,796,637$22,457,711$3,009,434$35,329,493
16$63,836,469$23,582,449$3,159,905$37,094,115
17$67,028,291$24,763,423$3,317,900$38,946,968
18$70,379,706$26,003,446$3,483,795$40,892,465
19$73,898,691$27,305,471$3,657,985$42,935,235
20$77,593,627$28,672,597$3,840,885$45,080,145
21$81,473,307$30,108,079$4,032,929$47,332,300
22$85,546,973$31,615,335$4,234,575$49,697,063
23$89,824,322$33,197,954$4,446,304$52,180,064
24$94,315,537$34,859,704$4,668,619$54,787,214
25$99,031,314$36,604,541$4,902,050$57,524,722
26$103,982,881$38,436,621$5,147,153$60,399,107
27$109,182,025$40,360,304$5,404,510$63,417,210
28$114,641,124$42,380,171$5,674,736$66,586,218
29$120,373,181$44,501,032$5,958,472$69,913,677
30$126,391,841$46,727,936$6,256,396$73,407,509
Total$2,040,100,004$753,725,652$100,984,949$1,185,389,402

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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.