The jackpot for the Powerball draw on Sat Jun 29, 2024, is projected to be $113 Million, with an option for a cash payout of $54.3 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 Jun 29, 2024 |
|---|
| Draw Date | Sat Jun 29, 2024 | | Projected Jackpot | $113,000,000 | | Cash Value | $54,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,300,000 | | Federal Tax(24%) | $13,032,000 | | Additional Federal Tax | $7,019,330 | | State Tax(4.95%) | $2,687,850 | | Net Lumpsum Payment | $31,560,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,700,763 |
$589,613
$84,188 |
$1,026,962 |
| 2 |
$1,785,852 |
$621,096
$88,400 |
$1,076,356 |
| 3 |
$1,875,122 |
$654,126
$92,819 |
$1,128,177 |
| 4 |
$1,968,912 |
$688,828
$97,461 |
$1,182,623 |
| 5 |
$2,067,335 |
$725,244
$102,333 |
$1,239,758 |
| 6 |
$2,170,730 |
$763,500
$107,451 |
$1,299,779 |
| 7 |
$2,279,210 |
$803,638
$112,821 |
$1,362,751 |
| 8 |
$2,393,227 |
$845,824
$118,465 |
$1,428,938 |
| 9 |
$2,512,894 |
$890,101
$124,388 |
$1,498,405 |
| 10 |
$2,638,550 |
$936,594
$130,608 |
$1,571,348 |
| 11 |
$2,770,421 |
$985,386
$137,136 |
$1,647,899 |
| 12 |
$2,908,959 |
$1,036,645
$143,993 |
$1,728,321 |
| 13 |
$3,054,390 |
$1,090,455
$151,192 |
$1,812,743 |
| 14 |
$3,207,166 |
$1,146,982
$158,755 |
$1,901,429 |
| 15 |
$3,367,513 |
$1,206,310
$166,692 |
$1,994,511 |
| 16 |
$3,535,883 |
$1,268,607
$175,026 |
$2,092,250 |
| 17 |
$3,712,615 |
$1,333,998
$183,774 |
$2,194,843 |
| 18 |
$3,898,274 |
$1,402,692
$192,965 |
$2,302,617 |
| 19 |
$4,093,199 |
$1,474,814
$202,613 |
$2,415,772 |
| 20 |
$4,297,842 |
$1,550,532
$212,743 |
$2,534,567 |
| 21 |
$4,512,768 |
$1,630,055
$223,382 |
$2,659,331 |
| 22 |
$4,738,429 |
$1,713,549
$234,552 |
$2,790,328 |
| 23 |
$4,975,277 |
$1,801,183
$246,276 |
$2,927,818 |
| 24 |
$5,224,103 |
$1,893,248
$258,593 |
$3,072,262 |
| 25 |
$5,485,246 |
$1,989,871
$271,520 |
$3,223,855 |
| 26 |
$5,759,610 |
$2,091,386
$285,101 |
$3,383,123 |
| 27 |
$6,047,534 |
$2,197,918
$299,353 |
$3,550,263 |
| 28 |
$6,349,922 |
$2,309,802
$314,321 |
$3,725,799 |
| 29 |
$6,667,452 |
$2,427,288
$330,039 |
$3,910,125 |
| 30 |
$7,000,802 |
$2,550,627
$346,540 |
$4,103,635 |
|
|
