Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Wed Jan 22, 2025 is estimated to be $31 Million, with a cash option of 13.8 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 Wed Jan 22, 2025

Draw Date	Jackpot	Cash Option
Wed Jan 22, 2025	$31,000,000	$13,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$13,800,000
Federal Tax(24%)	$3,312,000
Additional Federal Tax	$1,754,330
State Tax(4.95%)	$683,100
Net Lumpsum Payment	$8,050,570

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$466,581	-$132,965 -$23,096	$310,520
2	$489,924	-$141,602 -$24,251	$324,071
3	$514,414	-$150,664 -$25,463	$338,287
4	$540,144	-$160,184 -$26,737	$353,223
5	$567,145	-$170,174 -$28,074	$368,897
6	$595,510	-$180,669 -$29,478	$385,363
7	$625,270	-$191,680 -$30,951	$402,639
8	$656,549	-$203,254 -$32,499	$420,796
9	$689,378	-$215,400 -$34,124	$439,854
10	$723,850	-$228,155 -$35,831	$459,864
11	$760,027	-$241,540 -$37,621	$480,866
12	$798,033	-$255,603 -$39,503	$502,927
13	$837,930	-$270,364 -$41,478	$526,088
14	$879,842	-$285,872 -$43,552	$550,418
15	$923,831	-$302,148 -$45,730	$575,953
16	$970,021	-$319,238 -$48,016	$602,767
17	$1,018,505	-$337,177 -$50,416	$630,912
18	$1,069,438	-$356,022 -$52,937	$660,479
19	$1,122,913	-$375,808 -$55,584	$691,521
20	$1,179,054	-$396,580 -$58,363	$724,111
21	$1,238,016	-$418,396 -$61,282	$758,338
22	$1,299,923	-$441,302 -$64,346	$794,275
23	$1,364,899	-$465,343 -$67,563	$831,993
24	$1,433,161	-$490,600 -$70,941	$871,620
25	$1,504,802	-$517,107 -$74,488	$913,207
26	$1,580,070	-$544,956 -$78,213	$956,901
27	$1,659,058	-$574,182 -$82,123	$1,002,753
28	$1,742,014	-$604,876 -$86,230	$1,050,908
29	$1,829,124	-$637,106 -$90,542	$1,101,476
30	$1,920,574	-$670,943 -$95,068	$1,154,563