The jackpot for the Powerball draw on Mon Feb 24, 2025, is projected to be $230 Million, with an option for a cash payout of $105.2 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 24, 2025 |
|---|
| Draw Date | Mon Feb 24, 2025 | | Projected Jackpot | $230,000,000 | | Cash Value | $105,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $105,200,000 | | Federal Tax(24%) | $25,248,000 | | Additional Federal Tax | $13,636,330 | | State Tax(4.95%) | $5,207,400 | | Net Lumpsum Payment | $61,108,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,461,730 |
$1,241,170
$171,356 |
$2,049,204 |
| 2 |
$3,634,920 |
$1,305,251
$179,929 |
$2,149,740 |
| 3 |
$3,816,620 |
$1,372,480
$188,923 |
$2,255,217 |
| 4 |
$4,007,520 |
$1,443,113
$198,372 |
$2,366,035 |
| 5 |
$4,207,850 |
$1,517,235
$208,289 |
$2,482,326 |
| 6 |
$4,418,300 |
$1,595,101
$218,706 |
$2,604,493 |
| 7 |
$4,639,100 |
$1,676,797
$229,635 |
$2,732,668 |
| 8 |
$4,871,170 |
$1,762,663
$241,123 |
$2,867,384 |
| 9 |
$5,114,740 |
$1,852,784
$253,180 |
$3,008,776 |
| 10 |
$5,370,500 |
$1,947,415
$265,840 |
$3,157,245 |
| 11 |
$5,638,910 |
$2,046,727
$279,126 |
$3,313,057 |
| 12 |
$5,920,890 |
$2,151,060
$293,084 |
$3,476,746 |
| 13 |
$6,216,900 |
$2,260,583
$307,737 |
$3,648,580 |
| 14 |
$6,527,860 |
$2,375,639
$323,129 |
$3,829,092 |
| 15 |
$6,854,230 |
$2,496,395
$339,284 |
$4,018,551 |
| 16 |
$7,196,930 |
$2,623,194
$356,248 |
$4,217,488 |
| 17 |
$7,556,650 |
$2,756,291
$374,054 |
$4,426,305 |
| 18 |
$7,934,540 |
$2,896,110
$392,760 |
$4,645,670 |
| 19 |
$8,331,290 |
$3,042,908
$412,399 |
$4,875,983 |
| 20 |
$8,747,820 |
$3,197,024
$433,017 |
$5,117,779 |
| 21 |
$9,185,280 |
$3,358,884
$454,671 |
$5,371,725 |
| 22 |
$9,644,590 |
$3,528,829
$477,407 |
$5,638,354 |
| 23 |
$10,126,670 |
$3,707,198
$501,270 |
$5,918,202 |
| 24 |
$10,633,130 |
$3,894,588
$526,340 |
$6,212,202 |
| 25 |
$11,164,660 |
$4,091,255
$552,651 |
$6,520,754 |
| 26 |
$11,723,100 |
$4,297,877
$580,293 |
$6,844,930 |
| 27 |
$12,309,140 |
$4,514,712
$609,302 |
$7,185,126 |
| 28 |
$12,924,620 |
$4,742,440
$639,769 |
$7,542,411 |
| 29 |
$13,570,920 |
$4,981,571
$671,761 |
$7,917,588 |
| 30 |
$14,249,420 |
$5,232,616
$705,346 |
$8,311,458 |
|
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