Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 4, 2024 is estimated to be $203 Million, with a cash option of 92.7 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 Sat May 4, 2024

Draw Date	Jackpot	Cash Option
Sat May 4, 2024	$203,000,000	$92,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$92,700,000
Federal Tax(24%)	$22,248,000
Additional Federal Tax	$12,011,330
State Tax(4.95%)	$4,588,650
Net Lumpsum Payment	$53,852,020

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$151,240	$1,813,302
2	$3,208,212	-$1,147,369 -$158,806	$1,902,037
3	$3,368,582	-$1,206,706 -$166,745	$1,995,131
4	$3,537,072	-$1,269,047 -$175,085	$2,092,940
5	$3,713,885	-$1,334,468 -$183,837	$2,195,580
6	$3,899,630	-$1,403,193 -$193,032	$2,303,405
7	$4,094,510	-$1,475,299 -$202,678	$2,416,533
8	$4,299,337	-$1,551,085 -$212,817	$2,535,435
9	$4,514,314	-$1,630,627 -$223,459	$2,660,228
10	$4,740,050	-$1,714,149 -$234,632	$2,791,269
11	$4,976,951	-$1,801,802 -$246,359	$2,928,790
12	$5,225,829	-$1,893,887 -$258,679	$3,073,263
13	$5,487,090	-$1,990,554 -$271,611	$3,224,925
14	$5,761,546	-$2,092,102 -$285,197	$3,384,247
15	$6,049,603	-$2,198,683 -$299,455	$3,551,465
16	$6,352,073	-$2,310,597 -$314,428	$3,727,048
17	$6,669,565	-$2,428,069 -$330,143	$3,911,353
18	$7,003,094	-$2,551,475 -$346,653	$4,104,966
19	$7,353,269	-$2,681,040 -$363,987	$4,308,242
20	$7,720,902	-$2,817,064 -$382,185	$4,521,653
21	$8,107,008	-$2,959,923 -$401,297	$4,745,788
22	$8,512,399	-$3,109,918 -$421,364	$4,981,117
23	$8,937,887	-$3,267,349 -$442,425	$5,228,113
24	$9,384,893	-$3,432,741 -$464,552	$5,487,600
25	$9,854,026	-$3,606,320 -$487,774	$5,759,932
26	$10,346,910	-$3,788,687 -$512,172	$6,046,051
27	$10,864,154	-$3,980,067 -$537,776	$6,346,311
28	$11,407,382	-$4,181,062 -$564,665	$6,661,655
29	$11,977,812	-$4,392,121 -$592,902	$6,992,789
30	$12,576,662	-$4,613,695 -$622,545	$7,340,422