The jackpot for the Powerball draw on Wed Jun 24, 2026, is projected to be $327 Million, with an option for a cash payout of $148 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 Wed Jun 24, 2026 |
|---|
| Draw Date | Wed Jun 24, 2026 | | Projected Jackpot | $327,000,000 | | Cash Value | $148,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $148,000,000 | | Federal Tax(24%) | $35,520,000 | | Additional Federal Tax | $19,200,330 | | State Tax(4.95%) | $7,326,000 | | Net Lumpsum Payment | $85,953,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,921,677 |
$1,781,351
$243,623 |
$2,896,703 |
| 2 |
$5,167,908 |
$1,872,456
$255,811 |
$3,039,641 |
| 3 |
$5,426,238 |
$1,968,038
$268,599 |
$3,189,601 |
| 4 |
$5,697,648 |
$2,068,460
$282,034 |
$3,347,154 |
| 5 |
$5,982,465 |
$2,173,842
$296,132 |
$3,512,491 |
| 6 |
$6,281,670 |
$2,284,548
$310,943 |
$3,686,179 |
| 7 |
$6,595,590 |
$2,400,699
$326,482 |
$3,868,409 |
| 8 |
$6,925,533 |
$2,522,778
$342,814 |
$4,059,941 |
| 9 |
$7,271,826 |
$2,650,906
$359,955 |
$4,260,965 |
| 10 |
$7,635,450 |
$2,785,447
$377,955 |
$4,472,048 |
| 11 |
$8,017,059 |
$2,926,642
$396,844 |
$4,693,573 |
| 12 |
$8,417,961 |
$3,074,976
$416,689 |
$4,926,296 |
| 13 |
$8,838,810 |
$3,230,690
$437,521 |
$5,170,599 |
| 14 |
$9,280,914 |
$3,394,269
$459,405 |
$5,427,240 |
| 15 |
$9,744,927 |
$3,565,953
$482,374 |
$5,696,600 |
| 16 |
$10,232,157 |
$3,746,228
$506,492 |
$5,979,437 |
| 17 |
$10,743,585 |
$3,935,457
$531,807 |
$6,276,321 |
| 18 |
$11,280,846 |
$4,134,243
$558,402 |
$6,588,201 |
| 19 |
$11,844,921 |
$4,342,951
$586,324 |
$6,915,646 |
| 20 |
$12,437,118 |
$4,562,064
$615,637 |
$7,259,417 |
| 21 |
$13,059,072 |
$4,792,187
$646,424 |
$7,620,461 |
| 22 |
$13,712,091 |
$5,033,804
$678,749 |
$7,999,538 |
| 23 |
$14,397,483 |
$5,287,399
$712,675 |
$8,397,409 |
| 24 |
$15,117,537 |
$5,553,819
$748,318 |
$8,815,400 |
| 25 |
$15,873,234 |
$5,833,427
$785,725 |
$9,254,082 |
| 26 |
$16,667,190 |
$6,127,191
$825,026 |
$9,714,973 |
| 27 |
$17,500,386 |
$6,435,473
$866,269 |
$10,198,644 |
| 28 |
$18,375,438 |
$6,759,242
$909,584 |
$10,706,612 |
| 29 |
$19,294,308 |
$7,099,224
$955,068 |
$11,240,016 |
| 30 |
$20,258,958 |
$7,456,145
$1,002,818 |
$11,799,995 |
|
|
