Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 17, 2025 is estimated to be $123 Million, with a cash option of 55.9 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 May 17, 2025

Draw Date	Jackpot	Cash Option
Sat May 17, 2025	$123,000,000	$55,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$55,900,000
Federal Tax(24%)	$13,416,000
Additional Federal Tax	$7,227,330
State Tax(4.95%)	$2,767,050
Net Lumpsum Payment	$32,489,620

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,851,273	-$645,301 -$91,638	$1,114,334
2	$1,943,892	-$679,570 -$96,223	$1,168,099
3	$2,041,062	-$715,523 -$101,033	$1,224,506
4	$2,143,152	-$753,297 -$106,086	$1,283,769
5	$2,250,285	-$792,936 -$111,389	$1,345,960
6	$2,362,830	-$834,577 -$116,960	$1,411,293
7	$2,480,910	-$878,267 -$122,805	$1,479,838
8	$2,605,017	-$924,187 -$128,948	$1,551,882
9	$2,735,274	-$972,382 -$135,396	$1,627,496
10	$2,872,050	-$1,022,989 -$142,166	$1,706,895
11	$3,015,591	-$1,076,099 -$149,272	$1,790,220
12	$3,166,389	-$1,131,894 -$156,736	$1,877,759
13	$3,324,690	-$1,190,466 -$164,572	$1,969,652
14	$3,490,986	-$1,251,995 -$172,804	$2,066,187
15	$3,665,523	-$1,316,574 -$181,443	$2,167,506
16	$3,848,793	-$1,384,384 -$190,515	$2,273,894
17	$4,041,165	-$1,455,561 -$200,038	$2,385,566
18	$4,243,254	-$1,530,334 -$210,041	$2,502,879
19	$4,455,429	-$1,608,839 -$220,544	$2,626,046
20	$4,678,182	-$1,691,258 -$231,570	$2,755,354
21	$4,912,128	-$1,777,818 -$243,150	$2,891,160
22	$5,157,759	-$1,868,701 -$255,309	$3,033,749
23	$5,415,567	-$1,964,090 -$268,071	$3,183,406
24	$5,686,413	-$2,064,303 -$281,477	$3,340,633
25	$5,970,666	-$2,169,477 -$295,548	$3,505,641
26	$6,269,310	-$2,279,975 -$310,331	$3,679,004
27	$6,582,714	-$2,395,935 -$325,844	$3,860,935
28	$6,911,862	-$2,517,719 -$342,137	$4,052,006
29	$7,257,492	-$2,645,602 -$359,246	$4,252,644
30	$7,620,342	-$2,779,857 -$377,207	$4,463,278