Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Oct 24, 2026 is estimated to be $674 Million, with a cash option of 283.9 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 Oct 24, 2026

Draw Date	Jackpot	Cash Option
Sat Oct 24, 2026	$674,000,000	$283,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$283,900,000
Federal Tax(24%)	$68,136,000
Additional Federal Tax	$36,867,330
State Tax(4.95%)	$14,053,050
Net Lumpsum Payment	$164,843,620

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$10,144,374	-$3,713,749 -$502,147	$5,928,478
2	$10,651,896	-$3,901,532 -$527,269	$6,223,095
3	$11,184,356	-$4,098,542 -$553,626	$6,532,188
4	$11,743,776	-$4,305,528 -$581,317	$6,856,931
5	$12,330,830	-$4,522,737 -$610,376	$7,197,717
6	$12,947,540	-$4,750,920 -$640,903	$7,555,717
7	$13,594,580	-$4,990,325 -$672,932	$7,931,323
8	$14,274,646	-$5,241,949 -$706,595	$8,326,102
9	$14,988,412	-$5,506,043 -$741,926	$8,740,443
10	$15,737,900	-$5,783,353 -$779,026	$9,175,521
11	$16,524,458	-$6,074,380 -$817,961	$9,632,117
12	$17,350,782	-$6,380,120 -$858,864	$10,111,798
13	$18,218,220	-$6,701,072 -$901,802	$10,615,346
14	$19,129,468	-$7,038,234 -$946,909	$11,144,325
15	$20,085,874	-$7,392,104 -$994,251	$11,699,519
16	$21,090,134	-$7,763,680 -$1,043,962	$12,282,492
17	$22,144,270	-$8,153,710 -$1,096,141	$12,894,419
18	$23,251,652	-$8,563,442 -$1,150,957	$13,537,253
19	$24,414,302	-$8,993,622 -$1,208,508	$14,212,172
20	$25,634,916	-$9,445,249 -$1,268,928	$14,920,739
21	$26,916,864	-$9,919,570 -$1,332,385	$15,664,909
22	$28,262,842	-$10,417,582 -$1,399,011	$16,446,249
23	$29,675,546	-$10,940,282 -$1,468,940	$17,266,324
24	$31,159,694	-$11,489,417 -$1,542,405	$18,127,872
25	$32,717,308	-$12,065,734 -$1,619,507	$19,032,067
26	$34,353,780	-$12,671,229 -$1,700,512	$19,982,039
27	$36,071,132	-$13,306,649 -$1,785,521	$20,978,962
28	$37,874,756	-$13,973,990 -$1,874,800	$22,025,966
29	$39,768,696	-$14,674,748 -$1,968,550	$23,125,398
30	$41,756,996	-$15,410,419 -$2,066,971	$24,279,606