The jackpot for the Powerball draw on Sat Jan 18, 2025, is projected to be $331 Million, with an option for a cash payout of $145.1 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 Jan 18, 2025 |
|---|
| Draw Date | Sat Jan 18, 2025 | | Projected Jackpot | $331,000,000 | | Cash Value | $145,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,100,000 | | Federal Tax(24%) | $34,824,000 | | Additional Federal Tax | $18,823,330 | | State Tax(4.95%) | $7,182,450 | | Net Lumpsum Payment | $84,270,220 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,981,881 |
$1,803,626
$246,603 |
$2,931,652 |
| 2 |
$5,231,124 |
$1,895,846
$258,941 |
$3,076,337 |
| 3 |
$5,492,614 |
$1,992,598
$271,884 |
$3,228,132 |
| 4 |
$5,767,344 |
$2,094,248
$285,484 |
$3,387,612 |
| 5 |
$6,055,645 |
$2,200,919
$299,754 |
$3,554,972 |
| 6 |
$6,358,510 |
$2,312,979
$314,746 |
$3,730,785 |
| 7 |
$6,676,270 |
$2,430,550
$330,475 |
$3,915,245 |
| 8 |
$7,010,249 |
$2,554,123
$347,007 |
$4,109,119 |
| 9 |
$7,360,778 |
$2,683,818
$364,359 |
$4,312,601 |
| 10 |
$7,728,850 |
$2,820,005
$382,578 |
$4,526,267 |
| 11 |
$8,115,127 |
$2,962,927
$401,699 |
$4,750,501 |
| 12 |
$8,520,933 |
$3,113,076
$421,786 |
$4,986,071 |
| 13 |
$8,946,930 |
$3,270,694
$442,873 |
$5,233,363 |
| 14 |
$9,394,442 |
$3,436,274
$465,025 |
$5,493,143 |
| 15 |
$9,864,131 |
$3,610,059
$488,274 |
$5,765,798 |
| 16 |
$10,357,321 |
$3,792,539
$512,687 |
$6,052,095 |
| 17 |
$10,875,005 |
$3,984,082
$538,313 |
$6,352,610 |
| 18 |
$11,418,838 |
$4,185,300
$565,232 |
$6,668,306 |
| 19 |
$11,989,813 |
$4,396,561
$593,496 |
$6,999,756 |
| 20 |
$12,589,254 |
$4,618,354
$623,168 |
$7,347,732 |
| 21 |
$13,218,816 |
$4,851,292
$654,331 |
$7,713,193 |
| 22 |
$13,879,823 |
$5,095,865
$687,051 |
$8,096,907 |
| 23 |
$14,573,599 |
$5,352,562
$721,393 |
$8,499,644 |
| 24 |
$15,302,461 |
$5,622,241
$757,472 |
$8,922,748 |
| 25 |
$16,067,402 |
$5,905,269
$795,336 |
$9,366,797 |
| 26 |
$16,871,070 |
$6,202,626
$835,118 |
$9,833,326 |
| 27 |
$17,714,458 |
$6,514,680
$876,866 |
$10,322,912 |
| 28 |
$18,600,214 |
$6,842,410
$920,711 |
$10,837,093 |
| 29 |
$19,530,324 |
$7,186,550
$966,751 |
$11,377,023 |
| 30 |
$20,506,774 |
$7,547,837
$1,015,085 |
$11,943,852 |
|
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