Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Feb 22, 2025 is estimated to be $215 Million, with a cash option of 99.3 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 Feb 22, 2025

Draw Date	Jackpot	Cash Option
Sat Feb 22, 2025	$215,000,000	$99,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$99,300,000
Federal Tax(24%)	$23,832,000
Additional Federal Tax	$12,869,330
State Tax(4.95%)	$4,915,350
Net Lumpsum Payment	$57,683,320

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,235,965	-$1,157,637 -$160,180	$1,918,148
2	$3,397,860	-$1,217,539 -$168,194	$2,012,127
3	$3,567,710	-$1,280,383 -$176,602	$2,110,725
4	$3,746,160	-$1,346,410 -$185,435	$2,214,315
5	$3,933,425	-$1,415,698 -$194,705	$2,323,022
6	$4,130,150	-$1,488,486 -$204,442	$2,437,222
7	$4,336,550	-$1,564,854 -$214,659	$2,557,037
8	$4,553,485	-$1,645,120 -$225,398	$2,682,967
9	$4,781,170	-$1,729,363 -$236,668	$2,815,139
10	$5,020,250	-$1,817,823 -$248,502	$2,953,925
11	$5,271,155	-$1,910,658 -$260,922	$3,099,575
12	$5,534,745	-$2,008,186 -$273,970	$3,252,589
13	$5,811,450	-$2,110,567 -$287,667	$3,413,216
14	$6,102,130	-$2,218,118 -$302,055	$3,581,957
15	$6,407,215	-$2,331,000 -$317,157	$3,759,058
16	$6,727,565	-$2,449,529 -$333,014	$3,945,022
17	$7,063,825	-$2,573,946 -$349,659	$4,140,220
18	$7,417,070	-$2,704,646 -$367,145	$4,345,279
19	$7,787,945	-$2,841,870 -$385,503	$4,560,572
20	$8,177,310	-$2,985,935 -$404,777	$4,786,598
21	$8,586,240	-$3,137,239 -$425,019	$5,023,982
22	$9,015,595	-$3,296,101 -$446,272	$5,273,222
23	$9,466,235	-$3,462,837 -$468,579	$5,534,819
24	$9,939,665	-$3,638,006 -$492,013	$5,809,646
25	$10,436,530	-$3,821,846 -$516,608	$6,098,076
26	$10,958,550	-$4,014,994 -$542,448	$6,401,108
27	$11,506,370	-$4,217,687 -$569,565	$6,719,118
28	$12,081,710	-$4,430,563 -$598,045	$7,053,102
29	$12,685,860	-$4,654,099 -$627,950	$7,403,811
30	$13,320,110	-$4,888,771 -$659,345	$7,771,994