Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 11, 2024 is estimated to be $36 Million, with a cash option of 16.8 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Illinois, your state will take 4.95% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Illinois Powerball Jackpot/Cash Option for Sat May 11, 2024

Draw Date	Jackpot	Cash Option
Sat May 11, 2024	$36,000,000	$16,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$16,800,000
Federal Tax(24%)	$4,032,000
Additional Federal Tax	$2,144,330
State Tax(4.95%)	$831,600
Net Lumpsum Payment	$9,792,070

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$541,836	-$160,810 -$26,821	$354,205
2	$568,944	-$170,840 -$28,163	$369,941
3	$597,384	-$181,362 -$29,571	$386,451
4	$627,264	-$192,418 -$31,050	$403,796
5	$658,620	-$204,020 -$32,602	$421,998
6	$691,560	-$216,208 -$34,232	$441,120
7	$726,120	-$228,995 -$35,943	$461,182
8	$762,444	-$242,435 -$37,741	$482,268
9	$800,568	-$256,541 -$39,628	$504,399
10	$840,600	-$271,352 -$41,610	$527,638
11	$882,612	-$286,897 -$43,689	$552,026
12	$926,748	-$303,227 -$45,874	$577,647
13	$973,080	-$320,370 -$48,167	$604,543
14	$1,021,752	-$338,379 -$50,577	$632,796
15	$1,072,836	-$357,280 -$53,105	$662,451
16	$1,126,476	-$377,127 -$55,761	$693,588
17	$1,182,780	-$397,959 -$58,548	$726,273
18	$1,241,928	-$419,844 -$61,475	$760,609
19	$1,304,028	-$442,821 -$64,549	$796,658
20	$1,369,224	-$466,943 -$67,777	$834,504
21	$1,437,696	-$492,278 -$71,166	$874,252
22	$1,509,588	-$518,878 -$74,725	$915,985
23	$1,585,044	-$546,797 -$78,460	$959,787
24	$1,664,316	-$576,127 -$82,384	$1,005,805
25	$1,747,512	-$606,910 -$86,502	$1,054,100
26	$1,834,920	-$639,251 -$90,829	$1,104,840
27	$1,926,648	-$673,190 -$95,369	$1,158,089
28	$2,022,984	-$708,834 -$100,138	$1,214,012
29	$2,124,144	-$746,264 -$105,145	$1,272,735
30	$2,230,344	-$785,558 -$110,402	$1,334,384