Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Dec 21, 2024 is estimated to be $88 Million, with a cash option of 41 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 Dec 21, 2024

Draw Date	Jackpot	Cash Option
Sat Dec 21, 2024	$88,000,000	$41,000,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$41,000,000
Federal Tax(24%)	$9,840,000
Additional Federal Tax	$5,290,330
State Tax(4.95%)	$2,029,500
Net Lumpsum Payment	$23,840,170

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,324,488	-$450,391 -$65,562	$808,535
2	$1,390,752	-$474,909 -$68,842	$847,001
3	$1,460,272	-$500,631 -$72,283	$887,358
4	$1,533,312	-$527,656 -$75,899	$929,757
5	$1,609,960	-$556,016 -$79,693	$974,251
6	$1,690,480	-$585,808 -$83,679	$1,020,993
7	$1,774,960	-$617,066 -$87,861	$1,070,033
8	$1,863,752	-$649,919 -$92,256	$1,121,577
9	$1,956,944	-$684,400 -$96,869	$1,175,675
10	$2,054,800	-$720,606 -$101,713	$1,232,481
11	$2,157,496	-$758,604 -$106,796	$1,292,096
12	$2,265,384	-$798,522 -$112,137	$1,354,725
13	$2,378,640	-$840,427 -$117,743	$1,420,470
14	$2,497,616	-$884,448 -$123,632	$1,489,536
15	$2,622,488	-$930,651 -$129,813	$1,562,024
16	$2,753,608	-$979,165 -$136,304	$1,638,139
17	$2,891,240	-$1,030,089 -$143,116	$1,718,035
18	$3,035,824	-$1,083,585 -$150,273	$1,801,966
19	$3,187,624	-$1,139,751 -$157,787	$1,890,086
20	$3,346,992	-$1,198,717 -$165,676	$1,982,599
21	$3,514,368	-$1,260,647 -$173,961	$2,079,760
22	$3,690,104	-$1,325,669 -$182,660	$2,181,775
23	$3,874,552	-$1,393,915 -$191,790	$2,288,847
24	$4,068,328	-$1,465,612 -$201,382	$2,401,334
25	$4,271,696	-$1,540,858 -$211,449	$2,519,389
26	$4,485,360	-$1,619,914 -$222,025	$2,643,421
27	$4,709,584	-$1,702,876 -$233,124	$2,773,584
28	$4,945,072	-$1,790,007 -$244,781	$2,910,284
29	$5,192,352	-$1,881,501 -$257,021	$3,053,830
30	$5,451,952	-$1,977,553 -$269,872	$3,204,527