The jackpot for the Powerball draw on Sat Mar 1, 2025, is projected to be $272 Million, with an option for a cash payout of $124.4 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 Mar 1, 2025 |
|---|
| Draw Date | Sat Mar 1, 2025 | | Projected Jackpot | $272,000,000 | | Cash Value | $124,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $124,400,000 | | Federal Tax(24%) | $29,856,000 | | Additional Federal Tax | $16,132,330 | | State Tax(4.95%) | $6,157,800 | | Net Lumpsum Payment | $72,253,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,093,872 |
$1,475,063
$202,647 |
$2,416,162 |
| 2 |
$4,298,688 |
$1,550,845
$212,785 |
$2,535,058 |
| 3 |
$4,513,568 |
$1,630,351
$223,422 |
$2,659,795 |
| 4 |
$4,739,328 |
$1,713,882
$234,597 |
$2,790,849 |
| 5 |
$4,976,240 |
$1,801,539
$246,324 |
$2,928,377 |
| 6 |
$5,225,120 |
$1,893,625
$258,643 |
$3,072,852 |
| 7 |
$5,486,240 |
$1,990,239
$271,569 |
$3,224,432 |
| 8 |
$5,760,688 |
$2,091,785
$285,154 |
$3,383,749 |
| 9 |
$6,048,736 |
$2,198,363
$299,412 |
$3,550,961 |
| 10 |
$6,351,200 |
$2,310,274
$314,384 |
$3,726,542 |
| 11 |
$6,668,624 |
$2,427,721
$330,097 |
$3,910,806 |
| 12 |
$7,002,096 |
$2,551,106
$346,604 |
$4,104,386 |
| 13 |
$7,352,160 |
$2,680,630
$363,932 |
$4,307,598 |
| 14 |
$7,719,904 |
$2,816,695
$382,135 |
$4,521,074 |
| 15 |
$8,105,872 |
$2,959,503
$401,241 |
$4,745,128 |
| 16 |
$8,511,152 |
$3,109,457
$421,302 |
$4,980,393 |
| 17 |
$8,936,560 |
$3,266,858
$442,360 |
$5,227,342 |
| 18 |
$9,383,456 |
$3,432,209
$464,481 |
$5,486,766 |
| 19 |
$9,852,656 |
$3,605,813
$487,706 |
$5,759,137 |
| 20 |
$10,345,248 |
$3,788,072
$512,090 |
$6,045,086 |
| 21 |
$10,862,592 |
$3,979,489
$537,698 |
$6,345,405 |
| 22 |
$11,405,776 |
$4,180,468
$564,586 |
$6,660,722 |
| 23 |
$11,975,888 |
$4,391,409
$592,806 |
$6,991,673 |
| 24 |
$12,574,832 |
$4,613,018
$622,454 |
$7,339,360 |
| 25 |
$13,203,424 |
$4,845,597
$653,569 |
$7,704,258 |
| 26 |
$13,863,840 |
$5,089,951
$686,260 |
$8,087,629 |
| 27 |
$14,556,896 |
$5,346,382
$720,566 |
$8,489,948 |
| 28 |
$15,284,768 |
$5,615,695
$756,596 |
$8,912,477 |
| 29 |
$16,049,088 |
$5,898,493
$794,430 |
$9,356,165 |
| 30 |
$16,851,488 |
$6,195,381
$834,149 |
$9,821,958 |
|
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