Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Aug 17, 2026 is estimated to be $35 Million, with a cash option of 15.2 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 Mon Aug 17, 2026

Draw Date	Jackpot	Cash Option
Mon Aug 17, 2026	$35,000,000	$15,200,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$15,200,000
Federal Tax(24%)	$3,648,000
Additional Federal Tax	$1,936,330
State Tax(4.95%)	$752,400
Net Lumpsum Payment	$8,863,270

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$526,785	-$155,241 -$26,076	$345,468
2	$553,140	-$164,992 -$27,380	$360,768
3	$580,790	-$175,223 -$28,749	$376,818
4	$609,840	-$185,971 -$30,187	$393,682
5	$640,325	-$197,251 -$31,696	$411,378
6	$672,350	-$209,100 -$33,281	$429,969
7	$705,950	-$221,532 -$34,945	$449,473
8	$741,265	-$234,598 -$36,693	$469,974
9	$778,330	-$248,312 -$38,527	$491,491
10	$817,250	-$262,713 -$40,454	$514,083
11	$858,095	-$277,826 -$42,476	$537,793
12	$901,005	-$293,702 -$44,600	$562,703
13	$946,050	-$310,369 -$46,829	$588,852
14	$993,370	-$327,877 -$49,172	$616,321
15	$1,043,035	-$346,253 -$51,630	$645,152
16	$1,095,185	-$365,549 -$54,212	$675,424
17	$1,149,925	-$385,803 -$56,921	$707,201
18	$1,207,430	-$407,079 -$59,768	$740,583
19	$1,267,805	-$429,418 -$62,756	$775,631
20	$1,331,190	-$452,871 -$65,894	$812,425
21	$1,397,760	-$477,502 -$69,189	$851,069
22	$1,467,655	-$503,363 -$72,649	$891,643
23	$1,541,015	-$530,506 -$76,280	$934,229
24	$1,618,085	-$559,022 -$80,095	$978,968
25	$1,698,970	-$588,949 -$84,099	$1,025,922
26	$1,783,950	-$620,392 -$88,306	$1,075,252
27	$1,873,130	-$653,388 -$92,720	$1,127,022
28	$1,966,790	-$688,043 -$97,356	$1,181,391
29	$2,065,140	-$724,432 -$102,224	$1,238,484
30	$2,168,390	-$762,635 -$107,335	$1,298,420