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Illinois Powerball Jackpot Annuity Payout Schedule for Apr 17, 2024

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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 $80,700,000 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, Apr 17, 2024
Jackpot:$80,700,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,214,651$407,609$60,125$746,917
2$1,275,383$430,080$63,131$782,172
3$1,339,153$453,674$66,288$819,190
4$1,406,110$478,449$69,602$858,059
5$1,476,416$504,462$73,083$898,872
6$1,550,236$531,775$76,737$941,724
7$1,627,748$560,455$80,574$986,720
8$1,709,136$590,568$84,602$1,033,966
9$1,794,592$622,187$88,832$1,083,573
10$1,884,322$655,387$93,274$1,135,661
11$1,978,538$690,247$97,938$1,190,354
12$2,077,465$726,850$102,835$1,247,781
13$2,181,338$765,283$107,976$1,308,079
14$2,290,405$805,638$113,375$1,371,393
15$2,404,926$848,010$119,044$1,437,872
16$2,525,172$892,501$124,996$1,507,675
17$2,651,430$939,217$131,246$1,580,968
18$2,784,002$988,268$137,808$1,657,925
19$2,923,202$1,039,772$144,698$1,738,731
20$3,069,362$1,093,852$151,933$1,823,577
21$3,222,830$1,150,635$159,530$1,912,665
22$3,383,972$1,210,257$167,507$2,006,208
23$3,553,170$1,272,861$175,882$2,104,428
24$3,730,829$1,338,594$184,676$2,207,558
25$3,917,370$1,407,615$193,910$2,315,846
26$4,113,239$1,480,086$203,605$2,429,547
27$4,318,901$1,556,181$213,786$2,548,934
28$4,534,846$1,636,081$224,475$2,674,290
29$4,761,588$1,719,975$235,699$2,805,914
30$4,999,667$1,808,065$247,484$2,944,119
Total$80,700,000$28,604,634$3,994,651$48,100,718

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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.