Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 11, 2025 is estimated to be $263 Million, with a cash option of 117.7 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 Jan 11, 2025

Draw Date	Jackpot	Cash Option
Sat Jan 11, 2025	$263,000,000	$117,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$117,700,000
Federal Tax(24%)	$28,248,000
Additional Federal Tax	$15,261,330
State Tax(4.95%)	$5,826,150
Net Lumpsum Payment	$68,364,520

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,958,413	-$1,424,943 -$195,941	$2,337,529
2	$4,156,452	-$1,498,218 -$205,744	$2,452,490
3	$4,364,222	-$1,575,093 -$216,029	$2,573,100
4	$4,582,512	-$1,655,860 -$226,834	$2,699,818
5	$4,811,585	-$1,740,617 -$238,173	$2,832,795
6	$5,052,230	-$1,829,655 -$250,085	$2,972,490
7	$5,304,710	-$1,923,073 -$262,583	$3,119,054
8	$5,570,077	-$2,021,259 -$275,719	$3,273,099
9	$5,848,594	-$2,124,310 -$289,505	$3,434,779
10	$6,141,050	-$2,232,519 -$303,982	$3,604,549
11	$6,447,971	-$2,346,080 -$319,175	$3,782,716
12	$6,770,409	-$2,465,382 -$335,135	$3,969,892
13	$7,108,890	-$2,590,620 -$351,890	$4,166,380
14	$7,464,466	-$2,722,183 -$369,491	$4,372,792
15	$7,837,663	-$2,860,266 -$387,964	$4,589,433
16	$8,229,533	-$3,005,258 -$407,362	$4,816,913
17	$8,640,865	-$3,157,450 -$427,723	$5,055,692
18	$9,072,974	-$3,317,331 -$449,112	$5,306,531
19	$9,526,649	-$3,485,191 -$471,569	$5,569,889
20	$10,002,942	-$3,661,419 -$495,146	$5,846,377
21	$10,503,168	-$3,846,503 -$519,907	$6,136,758
22	$11,028,379	-$4,040,831 -$545,905	$6,441,643
23	$11,579,627	-$4,244,792 -$573,192	$6,761,643
24	$12,158,753	-$4,459,069 -$601,858	$7,097,826
25	$12,766,546	-$4,683,952 -$631,944	$7,450,650
26	$13,405,110	-$4,920,221 -$663,553	$7,821,336
27	$14,075,234	-$5,168,167 -$696,724	$8,210,343
28	$14,779,022	-$5,428,569 -$731,562	$8,618,891
29	$15,518,052	-$5,702,010 -$768,144	$9,047,898
30	$16,293,902	-$5,989,074 -$806,548	$9,498,280