Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Aug 24, 2026 is estimated to be $81 Million, with a cash option of 34.8 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 Aug 24, 2026

Draw Date	Jackpot	Cash Option
Mon Aug 24, 2026	$81,000,000	$34,800,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$34,800,000
Federal Tax(24%)	$8,352,000
Additional Federal Tax	$4,484,330
State Tax(4.95%)	$1,722,600
Net Lumpsum Payment	$20,241,070

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,219,131	-$411,409 -$60,347	$747,375
2	$1,280,124	-$433,976 -$63,366	$782,782
3	$1,344,114	-$457,653 -$66,534	$819,927
4	$1,411,344	-$482,528 -$69,862	$858,954
5	$1,481,895	-$508,632 -$73,354	$899,909
6	$1,556,010	-$536,054 -$77,022	$942,934
7	$1,633,770	-$564,825 -$80,872	$988,073
8	$1,715,499	-$595,065 -$84,917	$1,035,517
9	$1,801,278	-$626,803 -$89,163	$1,085,312
10	$1,891,350	-$660,130 -$93,622	$1,137,598
11	$1,985,877	-$695,105 -$98,301	$1,192,471
12	$2,085,183	-$731,848 -$103,217	$1,250,118
13	$2,189,430	-$770,419 -$108,377	$1,310,634
14	$2,298,942	-$810,939 -$113,798	$1,374,205
15	$2,413,881	-$853,466 -$119,487	$1,440,928
16	$2,534,571	-$898,122 -$125,461	$1,510,988
17	$2,661,255	-$944,995 -$131,732	$1,584,528
18	$2,794,338	-$994,235 -$138,320	$1,661,783
19	$2,934,063	-$1,045,934 -$145,236	$1,742,893
20	$3,080,754	-$1,100,209 -$152,497	$1,828,048
21	$3,234,816	-$1,157,212 -$160,123	$1,917,481
22	$3,396,573	-$1,217,062 -$168,130	$2,011,381
23	$3,566,349	-$1,279,880 -$176,534	$2,109,935
24	$3,744,711	-$1,345,873 -$185,363	$2,213,475
25	$3,931,902	-$1,415,134 -$194,629	$2,322,139
26	$4,128,570	-$1,487,901 -$204,364	$2,436,305
27	$4,334,958	-$1,564,265 -$214,580	$2,556,113
28	$4,551,714	-$1,644,465 -$225,310	$2,681,939
29	$4,779,324	-$1,728,680 -$236,577	$2,814,067
30	$5,018,274	-$1,817,092 -$248,405	$2,952,777