USA Mega

Illinois Powerball Jackpot Annuity Payout Schedule for Oct 11, 2023

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The tax information provided here is based on 2025 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 $1,764,900,000 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, Oct 11, 2023
Jackpot:$1,764,900,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$26,564,278$9,785,803$1,314,932$15,463,543
2$27,892,492$10,277,242$1,380,678$16,234,571
3$29,287,116$10,793,253$1,449,712$17,044,151
4$30,751,473$11,335,065$1,522,198$17,894,210
5$32,289,045$11,903,967$1,598,308$18,786,770
6$33,903,498$12,501,314$1,678,223$19,723,960
7$35,598,674$13,128,530$1,762,134$20,708,010
8$37,378,607$13,787,105$1,850,241$21,741,261
9$39,247,537$14,478,609$1,942,753$22,826,175
10$41,209,914$15,204,688$2,039,891$23,965,335
11$43,270,410$15,967,072$2,141,885$25,161,453
12$45,433,930$16,767,574$2,248,980$26,417,376
13$47,705,626$17,608,102$2,361,429$27,736,096
14$50,090,908$18,490,656$2,479,500$29,120,752
15$52,595,453$19,417,338$2,603,475$30,574,640
16$55,225,226$20,390,354$2,733,649$32,101,224
17$57,986,487$21,412,020$2,870,331$33,704,135
18$60,885,811$22,484,770$3,013,848$35,387,193
19$63,930,102$23,611,158$3,164,540$37,154,404
20$67,126,607$24,793,865$3,322,767$39,009,975
21$70,482,937$26,035,707$3,488,905$40,958,325
22$74,007,084$27,339,641$3,663,351$43,004,092
23$77,707,439$28,708,773$3,846,518$45,152,148
24$81,592,810$30,146,360$4,038,844$47,407,606
25$85,672,450$31,655,827$4,240,786$49,775,837
26$89,956,074$33,240,768$4,452,826$52,262,481
27$94,453,878$34,904,955$4,675,467$54,873,456
28$99,176,570$36,652,351$4,909,240$57,614,979
29$104,135,399$38,487,118$5,154,702$60,493,579
30$109,342,170$40,413,623$5,412,437$63,516,109
Total$1,764,900,004$651,723,608$87,362,550$1,025,813,846

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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.