Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Jan 3, 2026 is estimated to be $64 Million, with a cash option of 29.5 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 3, 2026

Draw Date	Jackpot	Cash Option
Sat Jan 3, 2026	$64,000,000	$29,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$29,500,000
Federal Tax(24%)	$7,080,000
Additional Federal Tax	$3,795,330
State Tax(4.95%)	$1,460,250
Net Lumpsum Payment	$17,164,420

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$963,264	-$316,738 -$47,682	$598,844
2	$1,011,456	-$334,569 -$50,067	$626,820
3	$1,062,016	-$353,276 -$52,570	$656,170
4	$1,115,136	-$372,931 -$55,199	$687,006
5	$1,170,880	-$393,556 -$57,959	$719,365
6	$1,229,440	-$415,223 -$60,857	$753,360
7	$1,290,880	-$437,956 -$63,899	$789,025
8	$1,355,456	-$461,849 -$67,095	$826,512
9	$1,423,232	-$486,926 -$70,450	$865,856
10	$1,494,400	-$513,258 -$73,973	$907,169
11	$1,569,088	-$540,893 -$77,670	$950,525
12	$1,647,552	-$569,925 -$81,554	$996,073
13	$1,729,920	-$600,401 -$85,631	$1,043,888
14	$1,816,448	-$632,416 -$89,914	$1,094,118
15	$1,907,264	-$666,018 -$94,410	$1,146,836
16	$2,002,624	-$701,301 -$99,130	$1,202,193
17	$2,102,720	-$738,337 -$104,085	$1,260,298
18	$2,207,872	-$777,243 -$109,290	$1,321,339
19	$2,318,272	-$818,091 -$114,754	$1,385,427
20	$2,434,176	-$860,976 -$120,492	$1,452,708
21	$2,555,904	-$906,015 -$126,517	$1,523,372
22	$2,683,712	-$953,304 -$132,844	$1,597,564
23	$2,817,856	-$1,002,937 -$139,484	$1,675,435
24	$2,958,784	-$1,055,080 -$146,460	$1,757,244
25	$3,106,688	-$1,109,805 -$153,781	$1,843,102
26	$3,262,080	-$1,167,300 -$161,473	$1,933,307
27	$3,425,152	-$1,227,637 -$169,545	$2,027,970
28	$3,596,416	-$1,291,004 -$178,023	$2,127,389
29	$3,776,256	-$1,357,545 -$186,925	$2,231,786
30	$3,965,056	-$1,427,401 -$196,270	$2,341,385