Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Jul 21, 2025 is estimated to be $308 Million, with a cash option of 137.7 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 Jul 21, 2025

Draw Date	Jackpot	Cash Option
Mon Jul 21, 2025	$308,000,000	$137,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$137,700,000
Federal Tax(24%)	$33,048,000
Additional Federal Tax	$17,861,330
State Tax(4.95%)	$6,816,150
Net Lumpsum Payment	$79,974,520

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$4,635,708	-$1,675,542 -$229,468	$2,730,698
2	$4,867,632	-$1,761,354 -$240,948	$2,865,330
3	$5,110,952	-$1,851,383 -$252,992	$3,006,577
4	$5,366,592	-$1,945,969 -$265,646	$3,154,977
5	$5,634,860	-$2,045,229 -$278,926	$3,310,705
6	$5,916,680	-$2,149,502 -$292,876	$3,474,302
7	$6,212,360	-$2,258,904 -$307,512	$3,645,944
8	$6,523,132	-$2,373,889 -$322,895	$3,826,348
9	$6,849,304	-$2,494,573 -$339,041	$4,015,690
10	$7,191,800	-$2,621,296 -$355,994	$4,214,510
11	$7,551,236	-$2,754,288 -$373,786	$4,423,162
12	$7,928,844	-$2,894,003 -$392,478	$4,642,363
13	$8,325,240	-$3,040,669 -$412,099	$4,872,472
14	$8,741,656	-$3,194,743 -$432,712	$5,114,201
15	$9,178,708	-$3,356,452 -$454,346	$5,367,910
16	$9,637,628	-$3,526,253 -$477,063	$5,634,312
17	$10,119,340	-$3,704,486 -$500,907	$5,913,947
18	$10,625,384	-$3,891,722 -$525,957	$6,207,705
19	$11,156,684	-$4,088,303 -$552,256	$6,516,125
20	$11,714,472	-$4,294,685 -$579,866	$6,839,921
21	$12,300,288	-$4,511,437 -$608,864	$7,179,987
22	$12,915,364	-$4,739,015 -$639,311	$7,537,038
23	$13,560,932	-$4,977,875 -$671,266	$7,911,791
24	$14,239,148	-$5,228,815 -$704,838	$8,305,495
25	$14,950,936	-$5,492,177 -$740,071	$8,718,688
26	$15,698,760	-$5,768,872 -$777,089	$9,152,799
27	$16,483,544	-$6,059,242 -$815,935	$9,608,367
28	$17,307,752	-$6,364,199 -$856,734	$10,086,819
29	$18,173,232	-$6,684,426 -$899,575	$10,589,231
30	$19,081,832	-$7,020,608 -$944,551	$11,116,673