Illinois Lottery

ILLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Mon Mar 10, 2025 is estimated to be $335 Million, with a cash option of 157.3 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 Mar 10, 2025

Draw Date	Jackpot	Cash Option
Mon Mar 10, 2025	$335,000,000	$157,300,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$157,300,000
Federal Tax(24%)	$37,752,000
Additional Federal Tax	$20,409,330
State Tax(4.95%)	$7,786,350
Net Lumpsum Payment	$91,352,320

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$5,042,085	-$1,825,902 -$249,583	$2,966,600
2	$5,294,340	-$1,919,236 -$262,070	$3,113,034
3	$5,558,990	-$2,017,157 -$275,170	$3,266,663
4	$5,837,040	-$2,120,035 -$288,933	$3,428,072
5	$6,128,825	-$2,227,996 -$303,377	$3,597,452
6	$6,435,350	-$2,341,410 -$318,550	$3,775,390
7	$6,756,950	-$2,460,402 -$334,469	$3,962,079
8	$7,094,965	-$2,585,467 -$351,201	$4,158,297
9	$7,449,730	-$2,716,730 -$368,762	$4,364,238
10	$7,822,250	-$2,854,563 -$387,201	$4,580,486
11	$8,213,195	-$2,999,213 -$406,553	$4,807,429
12	$8,623,905	-$3,151,175 -$426,883	$5,045,847
13	$9,055,050	-$3,310,699 -$448,225	$5,296,126
14	$9,507,970	-$3,478,279 -$470,645	$5,559,046
15	$9,983,335	-$3,654,164 -$494,175	$5,834,996
16	$10,482,485	-$3,838,850 -$518,883	$6,124,752
17	$11,006,425	-$4,032,708 -$544,818	$6,428,899
18	$11,556,830	-$4,236,357 -$572,063	$6,748,410
19	$12,134,705	-$4,450,171 -$600,668	$7,083,866
20	$12,741,390	-$4,674,645 -$630,699	$7,436,046
21	$13,378,560	-$4,910,398 -$662,239	$7,805,923
22	$14,047,555	-$5,157,926 -$695,354	$8,194,275
23	$14,749,715	-$5,417,725 -$730,111	$8,601,879
24	$15,487,385	-$5,690,663 -$766,626	$9,030,096
25	$16,261,570	-$5,977,111 -$804,948	$9,479,511
26	$17,074,950	-$6,278,062 -$845,210	$9,951,678
27	$17,928,530	-$6,593,886 -$887,462	$10,447,182
28	$18,824,990	-$6,925,577 -$931,837	$10,967,576
29	$19,766,340	-$7,273,876 -$978,434	$11,514,030
30	$20,754,590	-$7,639,529 -$1,027,352	$12,087,709