The jackpot for the Powerball draw on Sat May 11, 2024, is projected to be $36 Million, with an option for a cash payout of $16.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Illinois residents, the state will deduct 4.95% from your lottery earnings.
| Illinois Powerball Jackpot/Cash Option for Sat May 11, 2024 |
|---|
| Draw Date | Sat May 11, 2024 | | Projected Jackpot | $36,000,000 | | Cash Value | $16,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,800,000 | | Federal Tax(24%) | $4,032,000 | | Additional Federal Tax | $2,144,330 | | State Tax(4.95%) | $831,600 | | Net Lumpsum Payment | $9,792,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$541,836 |
$160,810
$26,821 |
$354,205 |
| 2 |
$568,944 |
$170,840
$28,163 |
$369,941 |
| 3 |
$597,384 |
$181,362
$29,571 |
$386,451 |
| 4 |
$627,264 |
$192,418
$31,050 |
$403,796 |
| 5 |
$658,620 |
$204,020
$32,602 |
$421,998 |
| 6 |
$691,560 |
$216,208
$34,232 |
$441,120 |
| 7 |
$726,120 |
$228,995
$35,943 |
$461,182 |
| 8 |
$762,444 |
$242,435
$37,741 |
$482,268 |
| 9 |
$800,568 |
$256,541
$39,628 |
$504,399 |
| 10 |
$840,600 |
$271,352
$41,610 |
$527,638 |
| 11 |
$882,612 |
$286,897
$43,689 |
$552,026 |
| 12 |
$926,748 |
$303,227
$45,874 |
$577,647 |
| 13 |
$973,080 |
$320,370
$48,167 |
$604,543 |
| 14 |
$1,021,752 |
$338,379
$50,577 |
$632,796 |
| 15 |
$1,072,836 |
$357,280
$53,105 |
$662,451 |
| 16 |
$1,126,476 |
$377,127
$55,761 |
$693,588 |
| 17 |
$1,182,780 |
$397,959
$58,548 |
$726,273 |
| 18 |
$1,241,928 |
$419,844
$61,475 |
$760,609 |
| 19 |
$1,304,028 |
$442,821
$64,549 |
$796,658 |
| 20 |
$1,369,224 |
$466,943
$67,777 |
$834,504 |
| 21 |
$1,437,696 |
$492,278
$71,166 |
$874,252 |
| 22 |
$1,509,588 |
$518,878
$74,725 |
$915,985 |
| 23 |
$1,585,044 |
$546,797
$78,460 |
$959,787 |
| 24 |
$1,664,316 |
$576,127
$82,384 |
$1,005,805 |
| 25 |
$1,747,512 |
$606,910
$86,502 |
$1,054,100 |
| 26 |
$1,834,920 |
$639,251
$90,829 |
$1,104,840 |
| 27 |
$1,926,648 |
$673,190
$95,369 |
$1,158,089 |
| 28 |
$2,022,984 |
$708,834
$100,138 |
$1,214,012 |
| 29 |
$2,124,144 |
$746,264
$105,145 |
$1,272,735 |
| 30 |
$2,230,344 |
$785,558
$110,402 |
$1,334,384 |
|
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