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Illinois Powerball Jackpot Annuity Payout Schedule for Sep 7, 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 $111,500,000 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:Sat, Sep 7, 2024
Jackpot:$111,500,000
Federal Tax:37% marginal rate
State Tax: 4.95%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,678,235$579,135$83,073$1,016,028
2$1,762,147$610,182$87,226$1,064,738
3$1,850,254$642,782$91,588$1,115,885
4$1,942,767$677,011$96,167$1,169,588
5$2,039,905$712,953$100,975$1,225,977
6$2,141,900$750,691$106,024$1,285,185
7$2,248,995$790,316$111,325$1,347,354
8$2,361,445$831,922$116,892$1,412,631
9$2,479,517$875,609$122,736$1,481,172
10$2,603,493$921,480$128,873$1,553,140
11$2,733,668$969,645$135,317$1,628,707
12$2,870,351$1,020,218$142,082$1,708,051
13$3,013,869$1,073,319$149,187$1,791,363
14$3,164,562$1,129,076$156,646$1,878,841
15$3,322,791$1,187,620$164,478$1,970,692
16$3,488,930$1,249,092$172,702$2,067,136
17$3,663,377$1,313,637$181,337$2,168,402
18$3,846,545$1,381,410$190,404$2,274,732
19$4,038,873$1,452,571$199,924$2,386,378
20$4,240,816$1,527,290$209,920$2,503,606
21$4,452,857$1,605,745$220,416$2,626,696
22$4,675,500$1,688,123$231,437$2,755,940
23$4,909,275$1,774,619$243,009$2,891,646
24$5,154,739$1,865,441$255,160$3,034,138
25$5,412,476$1,960,804$267,918$3,183,754
26$5,683,099$2,060,935$281,313$3,340,851
27$5,967,254$2,166,072$295,379$3,505,803
28$6,265,617$2,276,466$310,148$3,679,003
29$6,578,898$2,392,380$325,655$3,860,863
30$6,907,843$2,514,090$341,938$4,051,815
Total$111,500,000$40,000,634$5,519,249$65,980,115

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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.