Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Nov 9, 2024 is estimated to be $92 Million, with a cash option of 43.4 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 Sat Nov 9, 2024

Draw Date	Jackpot	Cash Option
Sat Nov 9, 2024	$92,000,000	$43,400,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$43,400,000
Federal Tax(24%)	$10,416,000
Additional Federal Tax	$5,602,330
State Tax(4.95%)	$2,148,300
Net Lumpsum Payment	$25,233,370

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,384,692	-$472,666 -$68,542	$843,484
2	$1,453,968	-$498,299 -$71,971	$883,698
3	$1,526,648	-$525,190 -$75,569	$925,889
4	$1,603,008	-$553,443 -$79,349	$970,216
5	$1,683,140	-$583,092 -$83,315	$1,016,733
6	$1,767,320	-$614,239 -$87,482	$1,065,599
7	$1,855,640	-$646,917 -$91,854	$1,116,869
8	$1,948,468	-$681,264 -$96,449	$1,170,755
9	$2,045,896	-$717,312 -$101,272	$1,227,312
10	$2,148,200	-$755,164 -$106,336	$1,286,700
11	$2,255,564	-$794,889 -$111,650	$1,349,025
12	$2,368,356	-$836,622 -$117,234	$1,414,500
13	$2,486,760	-$880,432 -$123,095	$1,483,233
14	$2,611,144	-$926,454 -$129,252	$1,555,438
15	$2,741,692	-$974,756 -$135,714	$1,631,222
16	$2,878,772	-$1,025,476 -$142,499	$1,710,797
17	$3,022,660	-$1,078,715 -$149,622	$1,794,323
18	$3,173,816	-$1,134,642 -$157,104	$1,882,070
19	$3,332,516	-$1,193,361 -$164,960	$1,974,195
20	$3,499,128	-$1,255,008 -$173,207	$2,070,913
21	$3,674,112	-$1,319,752 -$181,869	$2,172,491
22	$3,857,836	-$1,387,730 -$190,963	$2,279,143
23	$4,050,668	-$1,459,078 -$200,508	$2,391,082
24	$4,253,252	-$1,534,034 -$210,536	$2,508,682
25	$4,465,864	-$1,612,700 -$221,060	$2,632,104
26	$4,689,240	-$1,695,349 -$232,117	$2,761,774
27	$4,923,656	-$1,782,083 -$243,721	$2,897,852
28	$5,169,848	-$1,873,174 -$255,907	$3,040,767
29	$5,428,368	-$1,968,827 -$268,704	$3,190,837
30	$5,699,768	-$2,069,245 -$282,139	$3,348,384