The jackpot for the Powerball draw on Sat May 18, 2024, is projected to be $77 Million, with an option for a cash payout of $36 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 May 18, 2024 |
|---|
| Draw Date | Sat May 18, 2024 | | Projected Jackpot | $77,000,000 | | Cash Value | $36,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $36,000,000 | | Federal Tax(24%) | $8,640,000 | | Additional Federal Tax | $4,640,330 | | State Tax(4.95%) | $1,782,000 | | Net Lumpsum Payment | $20,937,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,158,927 |
$389,133
$57,367 |
$712,427 |
| 2 |
$1,216,908 |
$410,586
$60,237 |
$746,085 |
| 3 |
$1,277,738 |
$433,093
$63,248 |
$781,397 |
| 4 |
$1,341,648 |
$456,740
$66,412 |
$818,496 |
| 5 |
$1,408,715 |
$481,555
$69,731 |
$857,429 |
| 6 |
$1,479,170 |
$507,623
$73,219 |
$898,328 |
| 7 |
$1,553,090 |
$534,974
$76,878 |
$941,238 |
| 8 |
$1,630,783 |
$563,720
$80,724 |
$986,339 |
| 9 |
$1,712,326 |
$593,891
$84,760 |
$1,033,675 |
| 10 |
$1,797,950 |
$625,572
$88,999 |
$1,083,379 |
| 11 |
$1,887,809 |
$658,820
$93,447 |
$1,135,542 |
| 12 |
$1,982,211 |
$693,748
$98,119 |
$1,190,344 |
| 13 |
$2,081,310 |
$730,415
$103,025 |
$1,247,870 |
| 14 |
$2,185,414 |
$768,934
$108,178 |
$1,308,302 |
| 15 |
$2,294,677 |
$809,361
$113,587 |
$1,371,729 |
| 16 |
$2,409,407 |
$851,811
$119,266 |
$1,438,330 |
| 17 |
$2,529,835 |
$896,369
$125,227 |
$1,508,239 |
| 18 |
$2,656,346 |
$943,178
$131,489 |
$1,581,679 |
| 19 |
$2,789,171 |
$992,324
$138,064 |
$1,658,783 |
| 20 |
$2,928,618 |
$1,043,919
$144,967 |
$1,739,732 |
| 21 |
$3,075,072 |
$1,098,107
$152,216 |
$1,824,749 |
| 22 |
$3,228,841 |
$1,155,002
$159,828 |
$1,914,011 |
| 23 |
$3,390,233 |
$1,214,717
$167,817 |
$2,007,699 |
| 24 |
$3,559,787 |
$1,277,452
$176,209 |
$2,106,126 |
| 25 |
$3,737,734 |
$1,343,292
$185,018 |
$2,209,424 |
| 26 |
$3,924,690 |
$1,412,466
$194,272 |
$2,317,952 |
| 27 |
$4,120,886 |
$1,485,058
$203,984 |
$2,431,844 |
| 28 |
$4,326,938 |
$1,561,297
$214,183 |
$2,551,458 |
| 29 |
$4,543,308 |
$1,641,354
$224,894 |
$2,677,060 |
| 30 |
$4,770,458 |
$1,725,400
$236,138 |
$2,808,920 |
|
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