The jackpot for the Powerball draw on Mon Mar 16, 2026, is projected to be $88 Million, with an option for a cash payout of $40 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 Mar 16, 2026 |
|---|
| Draw Date | Mon Mar 16, 2026 | | Projected Jackpot | $88,000,000 | | Cash Value | $40,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $40,000,000 | | Federal Tax(24%) | $9,600,000 | | Additional Federal Tax | $5,160,330 | | State Tax(4.95%) | $1,980,000 | | Net Lumpsum Payment | $23,259,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$65,562 |
$808,535 |
| 2 |
$1,390,752 |
$474,909
$68,842 |
$847,001 |
| 3 |
$1,460,272 |
$500,631
$72,283 |
$887,358 |
| 4 |
$1,533,312 |
$527,656
$75,899 |
$929,757 |
| 5 |
$1,609,960 |
$556,016
$79,693 |
$974,251 |
| 6 |
$1,690,480 |
$585,808
$83,679 |
$1,020,993 |
| 7 |
$1,774,960 |
$617,066
$87,861 |
$1,070,033 |
| 8 |
$1,863,752 |
$649,919
$92,256 |
$1,121,577 |
| 9 |
$1,956,944 |
$684,400
$96,869 |
$1,175,675 |
| 10 |
$2,054,800 |
$720,606
$101,713 |
$1,232,481 |
| 11 |
$2,157,496 |
$758,604
$106,796 |
$1,292,096 |
| 12 |
$2,265,384 |
$798,522
$112,137 |
$1,354,725 |
| 13 |
$2,378,640 |
$840,427
$117,743 |
$1,420,470 |
| 14 |
$2,497,616 |
$884,448
$123,632 |
$1,489,536 |
| 15 |
$2,622,488 |
$930,651
$129,813 |
$1,562,024 |
| 16 |
$2,753,608 |
$979,165
$136,304 |
$1,638,139 |
| 17 |
$2,891,240 |
$1,030,089
$143,116 |
$1,718,035 |
| 18 |
$3,035,824 |
$1,083,585
$150,273 |
$1,801,966 |
| 19 |
$3,187,624 |
$1,139,751
$157,787 |
$1,890,086 |
| 20 |
$3,346,992 |
$1,198,717
$165,676 |
$1,982,599 |
| 21 |
$3,514,368 |
$1,260,647
$173,961 |
$2,079,760 |
| 22 |
$3,690,104 |
$1,325,669
$182,660 |
$2,181,775 |
| 23 |
$3,874,552 |
$1,393,915
$191,790 |
$2,288,847 |
| 24 |
$4,068,328 |
$1,465,612
$201,382 |
$2,401,334 |
| 25 |
$4,271,696 |
$1,540,858
$211,449 |
$2,519,389 |
| 26 |
$4,485,360 |
$1,619,914
$222,025 |
$2,643,421 |
| 27 |
$4,709,584 |
$1,702,876
$233,124 |
$2,773,584 |
| 28 |
$4,945,072 |
$1,790,007
$244,781 |
$2,910,284 |
| 29 |
$5,192,352 |
$1,881,501
$257,021 |
$3,053,830 |
| 30 |
$5,451,952 |
$1,977,553
$269,872 |
$3,204,527 |
|
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