The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 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 Nov 2, 2024 |
|---|
| Draw Date | Sat Nov 2, 2024 | | Projected Jackpot | $54,000,000 | | Cash Value | $25,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $25,800,000 | | Federal Tax(24%) | $6,192,000 | | Additional Federal Tax | $3,314,330 | | State Tax(4.95%) | $1,277,100 | | Net Lumpsum Payment | $15,016,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$812,754 |
$261,049
$40,231 |
$511,474 |
| 2 |
$853,416 |
$276,094
$42,244 |
$535,078 |
| 3 |
$896,076 |
$291,879
$44,356 |
$559,841 |
| 4 |
$940,896 |
$308,462
$46,574 |
$585,860 |
| 5 |
$987,930 |
$325,864
$48,903 |
$613,163 |
| 6 |
$1,037,340 |
$344,146
$51,348 |
$641,846 |
| 7 |
$1,089,180 |
$363,327
$53,914 |
$671,939 |
| 8 |
$1,143,666 |
$383,487
$56,611 |
$703,568 |
| 9 |
$1,200,852 |
$404,646
$59,442 |
$736,764 |
| 10 |
$1,260,900 |
$426,863
$62,415 |
$771,622 |
| 11 |
$1,323,918 |
$450,180
$65,534 |
$808,204 |
| 12 |
$1,390,122 |
$474,676
$68,811 |
$846,635 |
| 13 |
$1,459,620 |
$500,390
$72,251 |
$886,979 |
| 14 |
$1,532,628 |
$527,403
$75,865 |
$929,360 |
| 15 |
$1,609,254 |
$555,754
$79,658 |
$973,842 |
| 16 |
$1,689,714 |
$585,525
$83,641 |
$1,020,548 |
| 17 |
$1,774,170 |
$616,773
$87,821 |
$1,069,576 |
| 18 |
$1,862,892 |
$649,600
$92,213 |
$1,121,079 |
| 19 |
$1,956,042 |
$684,066
$96,824 |
$1,175,152 |
| 20 |
$2,053,836 |
$720,250
$101,665 |
$1,231,921 |
| 21 |
$2,156,544 |
$758,252
$106,749 |
$1,291,543 |
| 22 |
$2,264,382 |
$798,152
$112,087 |
$1,354,143 |
| 23 |
$2,377,566 |
$840,030
$117,690 |
$1,419,846 |
| 24 |
$2,496,474 |
$884,026
$123,575 |
$1,488,873 |
| 25 |
$2,621,268 |
$930,200
$129,753 |
$1,561,315 |
| 26 |
$2,752,380 |
$978,711
$136,243 |
$1,637,426 |
| 27 |
$2,889,972 |
$1,029,620
$143,054 |
$1,717,298 |
| 28 |
$3,034,476 |
$1,083,087
$150,207 |
$1,801,182 |
| 29 |
$3,186,216 |
$1,139,230
$157,718 |
$1,889,268 |
| 30 |
$3,345,516 |
$1,198,171
$165,603 |
$1,981,742 |
|
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