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Illinois Powerball Jackpot Annuity Payout Schedule for Jan 30, 2021

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The tax information provided here is based on 2021 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 $30,000,000 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 prize money, as well as deductions claimed.

Illinois

Federal Filing Status:

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $451,543 $132,584 $22,351 $296,607
2 $474,120 $140,486 $23,469 $310,165
3 $497,826 $148,783 $24,642 $324,400
4 $522,718 $157,495 $25,875 $339,348
5 $548,853 $167,148 $27,168 $354,537
6 $576,296 $177,302 $28,527 $370,468
7 $605,111 $187,963 $29,953 $387,195
8 $635,366 $199,158 $31,451 $404,758
9 $667,135 $210,912 $33,023 $423,199
10 $700,491 $223,254 $34,674 $442,563
11 $735,516 $236,213 $36,408 $462,895
12 $772,292 $249,820 $38,228 $484,243
13 $810,906 $264,108 $40,140 $506,659
14 $851,452 $279,109 $42,147 $530,196
15 $894,024 $294,861 $44,254 $554,909
16 $938,726 $311,401 $46,467 $580,858
17 $985,662 $328,767 $48,790 $608,104
18 $1,034,945 $347,002 $51,230 $636,713
19 $1,086,692 $366,148 $53,791 $666,753
20 $1,141,027 $386,252 $56,481 $698,294
21 $1,198,078 $407,361 $59,305 $731,412
22 $1,257,982 $429,526 $62,270 $766,186
23 $1,320,881 $452,798 $65,384 $802,699
24 $1,386,925 $477,235 $68,653 $841,038
25 $1,456,271 $502,893 $72,085 $881,293
26 $1,529,085 $529,834 $75,690 $923,562
27 $1,605,539 $558,122 $79,474 $967,943
28 $1,685,816 $587,824 $83,448 $1,014,544
29 $1,770,107 $619,012 $87,620 $1,063,475
30 $1,858,612 $651,759 $92,001 $1,114,852
Total $30,000,000 $10,025,130 $1,484,999 $18,489,868

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.

Powerball annuity chart shows the annual net payout a Illinois jackpot winner would get after federal and state taxes.

What is Illinois tax on lottery winnings?

Besides, what percentage of taxes are taken out of lottery winnings?

Beside above, how long does it take to get your lottery winnings in Illinois? Prizes won in Pick 3, Pick 4, Lucky Day Lotto®, Lotto, Powerball® or Mega Millions® must be claimed within one year after the drawing date. Instant Ticket prizes must be claimed within one year after the game’s announced end date.

Then, can Illinois pay lottery winners?

The Illinois Lottery announced Tuesday that, without a budget or any special legislation, it won‘t be able to pay anyone winning $25,000 or more come July 1. As for those winning more than $25,000, they’ll have to press their luck for lawmakers and the governor to authorize payments, with no timetable set for that.

What is the taxes on $1000000?

The average tax rate for taxpayers who earn over $1,000,000 is 33.1 percent. For those who make between $10,000 and $20,000 the average total tax rate is 0.4 percent. (The average tax rate for those in the lowest income tax bracket is 10.6 percent, higher than each group between $10,000 and $40,000.

Are winnings on the Illinois State Lottery taxable? Answer: Yes, all lottery winnings in Illinois are subject to tax. On prizes worth $5,000 or over, 25% Federal Tax is required, and all winnings above $1,000 are subject to 5% State Tax. ]]>