The jackpot for the Powerball draw on Sat Nov 16, 2024, is projected to be $130 Million, with an option for a cash payout of $61.4 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 16, 2024 |
|---|
| Draw Date | Sat Nov 16, 2024 | | Projected Jackpot | $130,000,000 | | Cash Value | $61,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $61,400,000 | | Federal Tax(24%) | $14,736,000 | | Additional Federal Tax | $7,942,330 | | State Tax(4.95%) | $3,039,300 | | Net Lumpsum Payment | $35,682,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,956,630 |
$684,283
$96,853 |
$1,175,494 |
| 2 |
$2,054,520 |
$720,503
$101,699 |
$1,232,318 |
| 3 |
$2,157,220 |
$758,502
$106,782 |
$1,291,936 |
| 4 |
$2,265,120 |
$798,425
$112,123 |
$1,354,572 |
| 5 |
$2,378,350 |
$840,320
$117,728 |
$1,420,302 |
| 6 |
$2,497,300 |
$884,331
$123,616 |
$1,489,353 |
| 7 |
$2,622,100 |
$930,507
$129,794 |
$1,561,799 |
| 8 |
$2,753,270 |
$979,040
$136,287 |
$1,637,943 |
| 9 |
$2,890,940 |
$1,029,978
$143,102 |
$1,717,860 |
| 10 |
$3,035,500 |
$1,083,465
$150,257 |
$1,801,778 |
| 11 |
$3,187,210 |
$1,139,598
$157,767 |
$1,889,845 |
| 12 |
$3,346,590 |
$1,198,569
$165,656 |
$1,982,365 |
| 13 |
$3,513,900 |
$1,260,473
$173,938 |
$2,079,489 |
| 14 |
$3,689,660 |
$1,325,505
$182,638 |
$2,181,517 |
| 15 |
$3,874,130 |
$1,393,758
$191,769 |
$2,288,603 |
| 16 |
$4,067,830 |
$1,465,427
$201,358 |
$2,401,045 |
| 17 |
$4,271,150 |
$1,540,656
$211,422 |
$2,519,072 |
| 18 |
$4,484,740 |
$1,619,684
$221,995 |
$2,643,061 |
| 19 |
$4,708,990 |
$1,702,657
$233,095 |
$2,773,238 |
| 20 |
$4,944,420 |
$1,789,766
$244,749 |
$2,909,905 |
| 21 |
$5,191,680 |
$1,881,252
$256,988 |
$3,053,440 |
| 22 |
$5,451,290 |
$1,977,308
$269,839 |
$3,204,143 |
| 23 |
$5,723,770 |
$2,078,125
$283,327 |
$3,362,318 |
| 24 |
$6,010,030 |
$2,184,041
$297,496 |
$3,528,493 |
| 25 |
$6,310,460 |
$2,295,201
$312,368 |
$3,702,891 |
| 26 |
$6,626,100 |
$2,411,987
$327,992 |
$3,886,121 |
| 27 |
$6,957,340 |
$2,534,546
$344,388 |
$4,078,406 |
| 28 |
$7,305,220 |
$2,663,262
$361,608 |
$4,280,350 |
| 29 |
$7,670,520 |
$2,798,423
$379,691 |
$4,492,406 |
| 30 |
$8,054,020 |
$2,940,318
$398,674 |
$4,715,028 |
|
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