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Illinois Powerball Jackpot Annuity Payout Schedule for Jun 24, 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 $84,000,000 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, Jun 24, 2024
Jackpot:$84,000,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,264,321$425,986$62,584$775,750
2$1,327,537$449,376$65,713$812,447
3$1,393,913$473,936$68,999$850,979
4$1,463,609$499,723$72,449$891,437
5$1,536,789$526,800$76,071$933,919
6$1,613,629$555,230$79,875$978,524
7$1,694,310$585,083$83,868$1,025,359
8$1,779,026$616,427$88,062$1,074,537
9$1,867,977$649,339$92,465$1,126,173
10$1,961,376$683,897$97,088$1,180,391
11$2,059,445$720,182$101,943$1,237,320
12$2,162,417$758,282$107,040$1,297,095
13$2,270,538$798,287$112,392$1,359,860
14$2,384,065$840,292$118,011$1,425,762
15$2,503,268$884,397$123,912$1,494,959
16$2,628,432$930,707$130,107$1,567,617
17$2,759,853$979,333$136,613$1,643,907
18$2,897,846$1,030,391$143,443$1,724,012
19$3,042,738$1,084,001$150,616$1,808,122
20$3,194,875$1,140,292$158,146$1,896,437
21$3,354,619$1,199,397$166,054$1,989,168
22$3,522,350$1,261,457$174,356$2,086,536
23$3,698,467$1,326,621$183,074$2,188,772
24$3,883,391$1,395,042$192,228$2,296,120
25$4,077,560$1,466,885$201,839$2,408,836
26$4,281,438$1,542,320$211,931$2,527,187
27$4,495,510$1,621,526$222,528$2,651,456
28$4,720,286$1,704,693$233,654$2,781,938
29$4,956,300$1,792,019$245,337$2,918,944
30$5,204,115$1,883,710$257,604$3,062,801
Total$84,000,000$29,825,631$4,158,002$50,016,365

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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.