The jackpot for the Powerball draw on Wed Dec 4, 2024, is projected to be $240 Million, with an option for a cash payout of $113.6 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 Dec 4, 2024 |
|---|
| Draw Date | Wed Dec 4, 2024 | | Projected Jackpot | $240,000,000 | | Cash Value | $113,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $113,600,000 | | Federal Tax(24%) | $27,264,000 | | Additional Federal Tax | $14,728,330 | | State Tax(4.95%) | $5,623,200 | | Net Lumpsum Payment | $65,984,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,612,240 |
$1,296,859
$178,806 |
$2,136,575 |
| 2 |
$3,792,960 |
$1,363,726
$187,752 |
$2,241,482 |
| 3 |
$3,982,560 |
$1,433,878
$197,137 |
$2,351,545 |
| 4 |
$4,181,760 |
$1,507,582
$206,997 |
$2,467,181 |
| 5 |
$4,390,800 |
$1,584,926
$217,345 |
$2,588,529 |
| 6 |
$4,610,400 |
$1,666,178
$228,215 |
$2,716,007 |
| 7 |
$4,840,800 |
$1,751,426
$239,620 |
$2,849,754 |
| 8 |
$5,082,960 |
$1,841,026
$251,607 |
$2,990,327 |
| 9 |
$5,337,120 |
$1,935,065
$264,187 |
$3,137,868 |
| 10 |
$5,604,000 |
$2,033,810
$277,398 |
$3,292,792 |
| 11 |
$5,884,080 |
$2,137,440
$291,262 |
$3,455,378 |
| 12 |
$6,178,320 |
$2,246,309
$305,827 |
$3,626,184 |
| 13 |
$6,487,200 |
$2,360,594
$321,116 |
$3,805,490 |
| 14 |
$6,811,680 |
$2,480,652
$337,178 |
$3,993,850 |
| 15 |
$7,152,240 |
$2,606,659
$354,036 |
$4,191,545 |
| 16 |
$7,509,840 |
$2,738,971
$371,737 |
$4,399,132 |
| 17 |
$7,885,200 |
$2,877,854
$390,317 |
$4,617,029 |
| 18 |
$8,279,520 |
$3,023,753
$409,836 |
$4,845,931 |
| 19 |
$8,693,520 |
$3,176,933
$430,329 |
$5,086,258 |
| 20 |
$9,128,160 |
$3,337,750
$451,844 |
$5,338,566 |
| 21 |
$9,584,640 |
$3,506,647
$474,440 |
$5,603,553 |
| 22 |
$10,063,920 |
$3,683,981
$498,164 |
$5,881,775 |
| 23 |
$10,566,960 |
$3,870,106
$523,065 |
$6,173,789 |
| 24 |
$11,095,440 |
$4,065,643
$549,224 |
$6,480,573 |
| 25 |
$11,650,080 |
$4,270,860
$576,679 |
$6,802,541 |
| 26 |
$12,232,800 |
$4,486,466
$605,524 |
$7,140,810 |
| 27 |
$12,844,320 |
$4,712,729
$635,794 |
$7,495,797 |
| 28 |
$13,486,560 |
$4,950,358
$667,585 |
$7,868,617 |
| 29 |
$14,160,960 |
$5,199,886
$700,968 |
$8,260,106 |
| 30 |
$14,868,960 |
$5,461,846
$736,014 |
$8,671,100 |
|
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