The jackpot for the Powerball draw on Wed Apr 2, 2025, is projected to be $30 Million, with an option for a cash payout of $13.9 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 Wed Apr 2, 2025 |
|---|
| Draw Date | Wed Apr 2, 2025 | | Projected Jackpot | $30,000,000 | | Cash Value | $13,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $13,900,000 | | Federal Tax(24%) | $3,336,000 | | Additional Federal Tax | $1,767,330 | | State Tax(4.95%) | $688,050 | | Net Lumpsum Payment | $8,108,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$451,530 |
$127,396
$22,351 |
$301,783 |
| 2 |
$474,120 |
$135,755
$23,469 |
$314,896 |
| 3 |
$497,820 |
$144,524
$24,642 |
$328,654 |
| 4 |
$522,720 |
$153,737
$25,875 |
$343,108 |
| 5 |
$548,850 |
$163,405
$27,168 |
$358,277 |
| 6 |
$576,300 |
$173,561
$28,527 |
$374,212 |
| 7 |
$605,100 |
$184,217
$29,952 |
$390,931 |
| 8 |
$635,370 |
$195,417
$31,451 |
$408,502 |
| 9 |
$667,140 |
$207,172
$33,023 |
$426,945 |
| 10 |
$700,500 |
$219,515
$34,675 |
$446,310 |
| 11 |
$735,510 |
$232,469
$36,408 |
$466,633 |
| 12 |
$772,290 |
$246,078
$38,228 |
$487,984 |
| 13 |
$810,900 |
$260,363
$40,140 |
$510,397 |
| 14 |
$851,460 |
$275,371
$42,147 |
$533,942 |
| 15 |
$894,030 |
$291,121
$44,254 |
$558,655 |
| 16 |
$938,730 |
$307,660
$46,467 |
$584,603 |
| 17 |
$985,650 |
$325,021
$48,790 |
$611,839 |
| 18 |
$1,034,940 |
$343,258
$51,230 |
$640,452 |
| 19 |
$1,086,690 |
$362,406
$53,791 |
$670,493 |
| 20 |
$1,141,020 |
$382,508
$56,480 |
$702,032 |
| 21 |
$1,198,080 |
$403,620
$59,305 |
$735,155 |
| 22 |
$1,257,990 |
$425,787
$62,271 |
$769,932 |
| 23 |
$1,320,870 |
$449,052
$65,383 |
$806,435 |
| 24 |
$1,386,930 |
$473,494
$68,653 |
$844,783 |
| 25 |
$1,456,260 |
$499,147
$72,085 |
$885,028 |
| 26 |
$1,529,100 |
$526,097
$75,690 |
$927,313 |
| 27 |
$1,605,540 |
$554,380
$79,474 |
$971,686 |
| 28 |
$1,685,820 |
$584,084
$83,448 |
$1,018,288 |
| 29 |
$1,770,120 |
$615,275
$87,621 |
$1,067,224 |
| 30 |
$1,858,620 |
$648,020
$92,002 |
$1,118,598 |
|
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