Jackpot Analysis Illinois Powerball

Jackpot Analysis for Illinois Powerball
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 DateSat 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