Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Feb 2, 2026 is estimated to be $65 Million, with a cash option of 29.4 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 Feb 2, 2026

Draw Date	Jackpot	Cash Option
Mon Feb 2, 2026	$65,000,000	$29,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$29,400,000
Federal Tax(24%)	$7,056,000
Additional Federal Tax	$3,782,330
State Tax(4.95%)	$1,455,300
Net Lumpsum Payment	$17,106,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$978,315	-$322,307 -$48,427	$607,581
2	$1,027,260	-$340,417 -$50,849	$635,994
3	$1,078,610	-$359,416 -$53,391	$665,803
4	$1,132,560	-$379,378 -$56,062	$697,120
5	$1,189,175	-$400,325 -$58,864	$729,986
6	$1,248,650	-$422,331 -$61,808	$764,511
7	$1,311,050	-$445,419 -$64,897	$800,734
8	$1,376,635	-$469,685 -$68,143	$838,807
9	$1,445,470	-$495,154 -$71,551	$878,765
10	$1,517,750	-$521,898 -$75,129	$920,723
11	$1,593,605	-$549,964 -$78,883	$964,758
12	$1,673,295	-$579,450 -$82,828	$1,011,017
13	$1,756,950	-$610,402 -$86,969	$1,059,579
14	$1,844,830	-$642,917 -$91,319	$1,110,594
15	$1,937,065	-$677,044 -$95,885	$1,164,136
16	$2,033,915	-$712,879 -$100,679	$1,220,357
17	$2,135,575	-$750,493 -$105,711	$1,279,371
18	$2,242,370	-$790,007 -$110,997	$1,341,366
19	$2,354,495	-$831,494 -$116,548	$1,406,453
20	$2,472,210	-$875,048 -$122,374	$1,474,788
21	$2,595,840	-$920,791 -$128,494	$1,546,555
22	$2,725,645	-$968,819 -$134,919	$1,621,907
23	$2,861,885	-$1,019,228 -$141,663	$1,700,994
24	$3,005,015	-$1,072,186 -$148,748	$1,784,081
25	$3,155,230	-$1,127,765 -$156,184	$1,871,281
26	$3,313,050	-$1,186,159 -$163,996	$1,962,895
27	$3,478,670	-$1,247,438 -$172,194	$2,059,038
28	$3,652,610	-$1,311,796 -$180,804	$2,160,010
29	$3,835,260	-$1,379,377 -$189,845	$2,266,038
30	$4,027,010	-$1,450,324 -$199,337	$2,377,349