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Illinois Powerball Jackpot Annuity Payout Schedule for Dec 5, 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 $89,200,000 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, Dec 5, 2022
Jackpot:$89,200,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,342,588$454,945$66,458$821,185
2$1,409,717$479,783$69,781$860,153
3$1,480,203$505,863$73,270$901,070
4$1,554,213$533,247$76,934$944,033
5$1,631,924$562,000$80,780$989,144
6$1,713,520$592,190$84,819$1,036,511
7$1,799,196$623,890$89,060$1,086,246
8$1,889,156$657,176$93,513$1,138,467
9$1,983,614$692,125$98,189$1,193,300
10$2,082,795$728,822$103,098$1,250,875
11$2,186,934$767,353$108,253$1,311,328
12$2,296,281$807,812$113,666$1,374,803
13$2,411,095$850,293$119,349$1,441,453
14$2,531,650$894,898$125,317$1,511,435
15$2,658,232$941,734$131,583$1,584,916
16$2,791,144$990,911$138,162$1,662,071
17$2,930,701$1,042,547$145,070$1,743,084
18$3,077,236$1,096,765$152,323$1,828,148
19$3,231,098$1,153,694$159,939$1,917,465
20$3,392,653$1,213,469$167,936$2,011,247
21$3,562,286$1,276,233$176,333$2,109,719
22$3,740,400$1,342,136$185,150$2,213,114
23$3,927,420$1,411,333$194,407$2,321,680
24$4,123,791$1,483,990$204,128$2,435,673
25$4,329,980$1,560,281$214,334$2,555,366
26$4,546,480$1,640,385$225,051$2,681,044
27$4,773,804$1,724,495$236,303$2,813,005
28$5,012,494$1,812,810$248,118$2,951,565
29$5,263,118$1,905,542$260,524$3,097,052
30$5,526,274$2,002,909$273,551$3,249,814
Total$89,200,000$31,749,631$4,415,399$53,034,966

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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.