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Illinois Powerball Jackpot Annuity Payout Schedule for Sep 20, 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 $677,100,000 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:Wed, Sep 20, 2023
Jackpot:$677,100,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$10,191,327$3,727,811$504,471$5,959,045
2$10,700,893$3,916,351$529,694$6,254,848
3$11,235,938$4,114,317$556,179$6,565,442
4$11,797,735$4,322,182$583,988$6,891,565
5$12,387,621$4,540,440$613,187$7,233,994
6$13,007,002$4,769,611$643,847$7,593,545
7$13,657,353$5,010,241$676,039$7,971,073
8$14,340,220$5,262,902$709,841$8,367,478
9$15,057,231$5,528,196$745,333$8,783,703
10$15,810,093$5,806,755$782,600$9,220,739
11$16,600,597$6,099,241$821,730$9,679,627
12$17,430,627$6,406,352$862,816$10,161,459
13$18,302,159$6,728,819$905,957$10,667,383
14$19,217,267$7,067,409$951,255$11,198,603
15$20,178,130$7,422,928$998,817$11,756,384
16$21,187,037$7,796,224$1,048,758$12,342,054
17$22,246,388$8,188,184$1,101,196$12,957,008
18$23,358,708$8,599,742$1,156,256$13,602,709
19$24,526,643$9,031,878$1,214,069$14,280,696
20$25,752,975$9,485,621$1,274,772$14,992,582
21$27,040,624$9,962,051$1,338,511$15,740,062
22$28,392,655$10,462,303$1,405,436$16,524,916
23$29,812,288$10,987,567$1,475,708$17,349,013
24$31,302,902$11,539,094$1,549,494$18,214,314
25$32,868,047$12,118,198$1,626,968$19,122,881
26$34,511,450$12,726,257$1,708,317$20,076,876
27$36,237,022$13,364,718$1,793,733$21,078,571
28$38,048,873$14,035,103$1,883,419$22,130,350
29$39,951,317$14,739,007$1,977,590$23,234,719
30$41,948,883$15,478,107$2,076,470$24,394,306
Total$677,100,001$249,237,609$33,516,451$394,345,945

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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.