The jackpot for the Powerball draw on Sat Jan 11, 2025, is projected to be $263 Million, with an option for a cash payout of $117.7 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 Jan 11, 2025 |
|---|
| Draw Date | Sat Jan 11, 2025 | | Projected Jackpot | $263,000,000 | | Cash Value | $117,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $117,700,000 | | Federal Tax(24%) | $28,248,000 | | Additional Federal Tax | $15,261,330 | | State Tax(4.95%) | $5,826,150 | | Net Lumpsum Payment | $68,364,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,958,413 |
$1,424,943
$195,941 |
$2,337,529 |
| 2 |
$4,156,452 |
$1,498,218
$205,744 |
$2,452,490 |
| 3 |
$4,364,222 |
$1,575,093
$216,029 |
$2,573,100 |
| 4 |
$4,582,512 |
$1,655,860
$226,834 |
$2,699,818 |
| 5 |
$4,811,585 |
$1,740,617
$238,173 |
$2,832,795 |
| 6 |
$5,052,230 |
$1,829,655
$250,085 |
$2,972,490 |
| 7 |
$5,304,710 |
$1,923,073
$262,583 |
$3,119,054 |
| 8 |
$5,570,077 |
$2,021,259
$275,719 |
$3,273,099 |
| 9 |
$5,848,594 |
$2,124,310
$289,505 |
$3,434,779 |
| 10 |
$6,141,050 |
$2,232,519
$303,982 |
$3,604,549 |
| 11 |
$6,447,971 |
$2,346,080
$319,175 |
$3,782,716 |
| 12 |
$6,770,409 |
$2,465,382
$335,135 |
$3,969,892 |
| 13 |
$7,108,890 |
$2,590,620
$351,890 |
$4,166,380 |
| 14 |
$7,464,466 |
$2,722,183
$369,491 |
$4,372,792 |
| 15 |
$7,837,663 |
$2,860,266
$387,964 |
$4,589,433 |
| 16 |
$8,229,533 |
$3,005,258
$407,362 |
$4,816,913 |
| 17 |
$8,640,865 |
$3,157,450
$427,723 |
$5,055,692 |
| 18 |
$9,072,974 |
$3,317,331
$449,112 |
$5,306,531 |
| 19 |
$9,526,649 |
$3,485,191
$471,569 |
$5,569,889 |
| 20 |
$10,002,942 |
$3,661,419
$495,146 |
$5,846,377 |
| 21 |
$10,503,168 |
$3,846,503
$519,907 |
$6,136,758 |
| 22 |
$11,028,379 |
$4,040,831
$545,905 |
$6,441,643 |
| 23 |
$11,579,627 |
$4,244,792
$573,192 |
$6,761,643 |
| 24 |
$12,158,753 |
$4,459,069
$601,858 |
$7,097,826 |
| 25 |
$12,766,546 |
$4,683,952
$631,944 |
$7,450,650 |
| 26 |
$13,405,110 |
$4,920,221
$663,553 |
$7,821,336 |
| 27 |
$14,075,234 |
$5,168,167
$696,724 |
$8,210,343 |
| 28 |
$14,779,022 |
$5,428,569
$731,562 |
$8,618,891 |
| 29 |
$15,518,052 |
$5,702,010
$768,144 |
$9,047,898 |
| 30 |
$16,293,902 |
$5,989,074
$806,548 |
$9,498,280 |
|
|
