The jackpot for the Powerball draw on Sat Apr 5, 2025, is projected to be $47 Million, with an option for a cash payout of $21.8 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 Apr 5, 2025 |
|---|
| Draw Date | Sat Apr 5, 2025 | | Projected Jackpot | $47,000,000 | | Cash Value | $21,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $21,800,000 | | Federal Tax(24%) | $5,232,000 | | Additional Federal Tax | $2,794,330 | | State Tax(4.95%) | $1,079,100 | | Net Lumpsum Payment | $12,694,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$707,397 |
$222,067
$35,016 |
$450,314 |
| 2 |
$742,788 |
$235,162
$36,768 |
$470,858 |
| 3 |
$779,918 |
$248,900
$38,606 |
$492,412 |
| 4 |
$818,928 |
$263,334
$40,537 |
$515,057 |
| 5 |
$859,865 |
$278,480
$42,563 |
$538,822 |
| 6 |
$902,870 |
$294,392
$44,692 |
$563,786 |
| 7 |
$947,990 |
$311,087
$46,926 |
$589,977 |
| 8 |
$995,413 |
$328,633
$49,273 |
$617,507 |
| 9 |
$1,045,186 |
$347,049
$51,737 |
$646,400 |
| 10 |
$1,097,450 |
$366,387
$54,324 |
$676,739 |
| 11 |
$1,152,299 |
$386,681
$57,039 |
$708,579 |
| 12 |
$1,209,921 |
$408,001
$59,891 |
$742,029 |
| 13 |
$1,270,410 |
$430,382
$62,885 |
$777,143 |
| 14 |
$1,333,954 |
$453,893
$66,031 |
$814,030 |
| 15 |
$1,400,647 |
$478,570
$69,332 |
$852,745 |
| 16 |
$1,470,677 |
$504,481
$72,799 |
$893,397 |
| 17 |
$1,544,185 |
$531,679
$76,437 |
$936,069 |
| 18 |
$1,621,406 |
$560,251
$80,260 |
$980,895 |
| 19 |
$1,702,481 |
$590,248
$84,273 |
$1,027,960 |
| 20 |
$1,787,598 |
$621,742
$88,486 |
$1,077,370 |
| 21 |
$1,876,992 |
$654,817
$92,911 |
$1,129,264 |
| 22 |
$1,970,851 |
$689,545
$97,557 |
$1,183,749 |
| 23 |
$2,069,363 |
$725,995
$102,433 |
$1,240,935 |
| 24 |
$2,172,857 |
$764,287
$107,556 |
$1,301,014 |
| 25 |
$2,281,474 |
$804,476
$112,933 |
$1,364,065 |
| 26 |
$2,395,590 |
$846,699
$118,582 |
$1,430,309 |
| 27 |
$2,515,346 |
$891,008
$124,510 |
$1,499,828 |
| 28 |
$2,641,118 |
$937,544
$130,735 |
$1,572,839 |
| 29 |
$2,773,188 |
$986,410
$137,273 |
$1,649,505 |
| 30 |
$2,911,838 |
$1,037,710
$144,136 |
$1,729,992 |
|
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