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Illinois Powerball Jackpot Annuity Payout Schedule for Mar 27, 2023

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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 $122,200,000 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, Mar 27, 2023
Jackpot:$122,200,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,839,285$638,723$91,045$1,109,517
2$1,931,250$672,750$95,597$1,162,903
3$2,027,812$708,478$100,377$1,218,957
4$2,129,203$745,993$105,396$1,277,814
5$2,235,663$785,383$110,665$1,339,615
6$2,347,446$826,743$116,199$1,404,505
7$2,464,818$870,171$122,009$1,472,639
8$2,588,059$915,770$128,109$1,544,181
9$2,717,462$963,649$134,514$1,619,299
10$2,853,335$1,013,922$141,240$1,698,173
11$2,996,002$1,066,709$148,302$1,780,991
12$3,145,802$1,122,135$155,717$1,867,950
13$3,303,092$1,180,332$163,503$1,959,257
14$3,468,247$1,241,439$171,678$2,055,130
15$3,641,659$1,305,602$180,262$2,155,795
16$3,823,742$1,372,972$189,275$2,261,495
17$4,014,929$1,443,712$198,739$2,372,479
18$4,215,676$1,517,988$208,676$2,489,012
19$4,426,460$1,595,978$219,110$2,611,372
20$4,647,783$1,677,867$230,065$2,739,850
21$4,880,172$1,763,851$241,568$2,874,752
22$5,124,180$1,854,134$253,647$3,016,399
23$5,380,389$1,948,932$266,329$3,165,128
24$5,649,409$2,048,469$279,646$3,321,294
25$5,931,879$2,152,983$293,628$3,485,268
26$6,228,473$2,262,723$308,309$3,657,441
27$6,539,897$2,377,950$323,725$3,838,222
28$6,866,892$2,498,938$339,911$4,028,043
29$7,210,236$2,625,975$356,907$4,227,354
30$7,570,748$2,759,365$374,752$4,436,631
Total$122,200,000$43,959,636$6,048,900$72,191,466

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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.