The jackpot for the Powerball draw on Mon Feb 23, 2026, is projected to be $203 Million, with an option for a cash payout of $94.6 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 Mon Feb 23, 2026 |
|---|
| Draw Date | Mon Feb 23, 2026 | | Projected Jackpot | $203,000,000 | | Cash Value | $94,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $94,600,000 | | Federal Tax(24%) | $22,704,000 | | Additional Federal Tax | $12,258,330 | | State Tax(4.95%) | $4,682,700 | | Net Lumpsum Payment | $54,954,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,055,353 |
$1,090,811
$151,240 |
$1,813,302 |
| 2 |
$3,208,212 |
$1,147,369
$158,806 |
$1,902,037 |
| 3 |
$3,368,582 |
$1,206,706
$166,745 |
$1,995,131 |
| 4 |
$3,537,072 |
$1,269,047
$175,085 |
$2,092,940 |
| 5 |
$3,713,885 |
$1,334,468
$183,837 |
$2,195,580 |
| 6 |
$3,899,630 |
$1,403,193
$193,032 |
$2,303,405 |
| 7 |
$4,094,510 |
$1,475,299
$202,678 |
$2,416,533 |
| 8 |
$4,299,337 |
$1,551,085
$212,817 |
$2,535,435 |
| 9 |
$4,514,314 |
$1,630,627
$223,459 |
$2,660,228 |
| 10 |
$4,740,050 |
$1,714,149
$234,632 |
$2,791,269 |
| 11 |
$4,976,951 |
$1,801,802
$246,359 |
$2,928,790 |
| 12 |
$5,225,829 |
$1,893,887
$258,679 |
$3,073,263 |
| 13 |
$5,487,090 |
$1,990,554
$271,611 |
$3,224,925 |
| 14 |
$5,761,546 |
$2,092,102
$285,197 |
$3,384,247 |
| 15 |
$6,049,603 |
$2,198,683
$299,455 |
$3,551,465 |
| 16 |
$6,352,073 |
$2,310,597
$314,428 |
$3,727,048 |
| 17 |
$6,669,565 |
$2,428,069
$330,143 |
$3,911,353 |
| 18 |
$7,003,094 |
$2,551,475
$346,653 |
$4,104,966 |
| 19 |
$7,353,269 |
$2,681,040
$363,987 |
$4,308,242 |
| 20 |
$7,720,902 |
$2,817,064
$382,185 |
$4,521,653 |
| 21 |
$8,107,008 |
$2,959,923
$401,297 |
$4,745,788 |
| 22 |
$8,512,399 |
$3,109,918
$421,364 |
$4,981,117 |
| 23 |
$8,937,887 |
$3,267,349
$442,425 |
$5,228,113 |
| 24 |
$9,384,893 |
$3,432,741
$464,552 |
$5,487,600 |
| 25 |
$9,854,026 |
$3,606,320
$487,774 |
$5,759,932 |
| 26 |
$10,346,910 |
$3,788,687
$512,172 |
$6,046,051 |
| 27 |
$10,864,154 |
$3,980,067
$537,776 |
$6,346,311 |
| 28 |
$11,407,382 |
$4,181,062
$564,665 |
$6,661,655 |
| 29 |
$11,977,812 |
$4,392,121
$592,902 |
$6,992,789 |
| 30 |
$12,576,662 |
$4,613,695
$622,545 |
$7,340,422 |
|
|
