The jackpot for the Powerball draw on Sat Jul 18, 2026, is projected to be $526 Million, with an option for a cash payout of $233.5 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 Jul 18, 2026 |
|---|
| Draw Date | Sat Jul 18, 2026 | | Projected Jackpot | $526,000,000 | | Cash Value | $233,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $233,500,000 | | Federal Tax(24%) | $56,040,000 | | Additional Federal Tax | $30,315,330 | | State Tax(4.95%) | $11,558,250 | | Net Lumpsum Payment | $135,586,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,916,826 |
$2,889,556
$391,883 |
$4,635,387 |
| 2 |
$8,312,904 |
$3,036,105
$411,489 |
$4,865,310 |
| 3 |
$8,728,444 |
$3,189,855
$432,058 |
$5,106,531 |
| 4 |
$9,165,024 |
$3,351,389
$453,669 |
$5,359,966 |
| 5 |
$9,623,170 |
$3,520,903
$476,347 |
$5,625,920 |
| 6 |
$10,104,460 |
$3,698,981
$500,171 |
$5,905,308 |
| 7 |
$10,609,420 |
$3,885,816
$525,166 |
$6,198,438 |
| 8 |
$11,140,154 |
$4,082,187
$551,438 |
$6,506,529 |
| 9 |
$11,697,188 |
$4,288,290
$579,011 |
$6,829,887 |
| 10 |
$12,282,100 |
$4,504,707
$607,964 |
$7,169,429 |
| 11 |
$12,895,942 |
$4,731,829
$638,349 |
$7,525,764 |
| 12 |
$13,540,818 |
$4,970,433
$670,270 |
$7,900,115 |
| 13 |
$14,217,780 |
$5,220,909
$703,780 |
$8,293,091 |
| 14 |
$14,928,932 |
$5,484,035
$738,982 |
$8,705,915 |
| 15 |
$15,675,326 |
$5,760,201
$775,929 |
$9,139,196 |
| 16 |
$16,459,066 |
$6,050,185
$814,724 |
$9,594,157 |
| 17 |
$17,281,730 |
$6,354,570
$855,446 |
$10,071,714 |
| 18 |
$18,145,948 |
$6,674,331
$898,224 |
$10,573,393 |
| 19 |
$19,053,298 |
$7,010,051
$943,138 |
$11,100,109 |
| 20 |
$20,005,884 |
$7,362,507
$990,291 |
$11,653,086 |
| 21 |
$21,006,336 |
$7,732,675
$1,039,814 |
$12,233,847 |
| 22 |
$22,056,758 |
$8,121,331
$1,091,810 |
$12,843,617 |
| 23 |
$23,159,254 |
$8,529,254
$1,146,383 |
$13,483,617 |
| 24 |
$24,317,506 |
$8,957,808
$1,203,717 |
$14,155,981 |
| 25 |
$25,533,092 |
$9,407,574
$1,263,888 |
$14,861,630 |
| 26 |
$26,810,220 |
$9,880,112
$1,327,106 |
$15,603,002 |
| 27 |
$28,150,468 |
$10,376,004
$1,393,448 |
$16,381,016 |
| 28 |
$29,558,044 |
$10,896,807
$1,463,123 |
$17,198,114 |
| 29 |
$31,036,104 |
$11,443,689
$1,536,287 |
$18,056,128 |
| 30 |
$32,587,804 |
$12,017,818
$1,613,096 |
$18,956,890 |
|
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