The jackpot for the Powerball draw on Sat Nov 23, 2024, is projected to be $171 Million, with an option for a cash payout of $78.7 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 Nov 23, 2024 |
|---|
| Draw Date | Sat Nov 23, 2024 | | Projected Jackpot | $171,000,000 | | Cash Value | $78,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $78,700,000 | | Federal Tax(24%) | $18,888,000 | | Additional Federal Tax | $10,191,330 | | State Tax(4.95%) | $3,895,650 | | Net Lumpsum Payment | $45,725,020 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,573,721 |
$912,607
$127,399 |
$1,533,715 |
| 2 |
$2,702,484 |
$960,249
$133,773 |
$1,608,462 |
| 3 |
$2,837,574 |
$1,010,233
$140,460 |
$1,686,881 |
| 4 |
$2,979,504 |
$1,062,747
$147,485 |
$1,769,272 |
| 5 |
$3,128,445 |
$1,117,855
$154,858 |
$1,855,732 |
| 6 |
$3,284,910 |
$1,175,747
$162,603 |
$1,946,560 |
| 7 |
$3,449,070 |
$1,236,486
$170,729 |
$2,041,855 |
| 8 |
$3,621,609 |
$1,300,326
$179,270 |
$2,142,013 |
| 9 |
$3,802,698 |
$1,367,329
$188,234 |
$2,247,135 |
| 10 |
$3,992,850 |
$1,437,685
$197,646 |
$2,357,519 |
| 11 |
$4,192,407 |
$1,511,521
$207,524 |
$2,473,362 |
| 12 |
$4,402,053 |
$1,589,090
$217,902 |
$2,595,061 |
| 13 |
$4,622,130 |
$1,670,518
$228,795 |
$2,722,817 |
| 14 |
$4,853,322 |
$1,756,060
$240,239 |
$2,857,023 |
| 15 |
$5,095,971 |
$1,845,840
$252,251 |
$2,997,880 |
| 16 |
$5,350,761 |
$1,940,112
$264,863 |
$3,145,786 |
| 17 |
$5,618,205 |
$2,039,066
$278,101 |
$3,301,038 |
| 18 |
$5,899,158 |
$2,143,019
$292,008 |
$3,464,131 |
| 19 |
$6,194,133 |
$2,252,160
$306,610 |
$3,635,363 |
| 20 |
$6,503,814 |
$2,366,742
$321,939 |
$3,815,133 |
| 21 |
$6,829,056 |
$2,487,081
$338,038 |
$4,003,937 |
| 22 |
$7,170,543 |
$2,613,431
$354,942 |
$4,202,170 |
| 23 |
$7,528,959 |
$2,746,045
$372,683 |
$4,410,231 |
| 24 |
$7,905,501 |
$2,885,366
$391,322 |
$4,628,813 |
| 25 |
$8,300,682 |
$3,031,583
$410,884 |
$4,858,215 |
| 26 |
$8,715,870 |
$3,185,202
$431,436 |
$5,099,232 |
| 27 |
$9,151,578 |
$3,346,414
$453,003 |
$5,352,161 |
| 28 |
$9,609,174 |
$3,515,725
$475,654 |
$5,617,795 |
| 29 |
$10,089,684 |
$3,693,513
$499,439 |
$5,896,732 |
| 30 |
$10,594,134 |
$3,880,160
$524,410 |
$6,189,564 |
|
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