The jackpot for the Powerball draw on Sat Aug 16, 2025, is projected to be $565 Million, with an option for a cash payout of $258.8 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 Aug 16, 2025 |
|---|
| Draw Date | Sat Aug 16, 2025 | | Projected Jackpot | $565,000,000 | | Cash Value | $258,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $258,800,000 | | Federal Tax(24%) | $62,112,000 | | Additional Federal Tax | $33,604,330 | | State Tax(4.95%) | $12,810,600 | | Net Lumpsum Payment | $150,273,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,503,815 |
$3,106,742
$420,939 |
$4,976,134 |
| 2 |
$8,929,260 |
$3,264,157
$441,998 |
$5,223,105 |
| 3 |
$9,375,610 |
$3,429,306
$464,093 |
$5,482,211 |
| 4 |
$9,844,560 |
$3,602,818
$487,306 |
$5,754,436 |
| 5 |
$10,336,675 |
$3,784,900
$511,665 |
$6,040,110 |
| 6 |
$10,853,650 |
$3,976,181
$537,256 |
$6,340,213 |
| 7 |
$11,396,050 |
$4,176,869
$564,104 |
$6,655,077 |
| 8 |
$11,966,135 |
$4,387,800
$592,324 |
$6,986,011 |
| 9 |
$12,564,470 |
$4,609,184
$621,941 |
$7,333,345 |
| 10 |
$13,192,750 |
$4,841,648
$653,041 |
$7,698,061 |
| 11 |
$13,852,105 |
$5,085,609
$685,679 |
$8,080,817 |
| 12 |
$14,544,795 |
$5,341,905
$719,967 |
$8,482,923 |
| 13 |
$15,271,950 |
$5,610,952
$755,962 |
$8,905,036 |
| 14 |
$16,035,830 |
$5,893,587
$793,774 |
$9,348,469 |
| 15 |
$16,837,565 |
$6,190,229
$833,459 |
$9,813,877 |
| 16 |
$17,679,415 |
$6,501,714
$875,131 |
$10,302,570 |
| 17 |
$18,563,075 |
$6,828,668
$918,872 |
$10,815,535 |
| 18 |
$19,491,370 |
$7,172,137
$964,823 |
$11,354,410 |
| 19 |
$20,465,995 |
$7,532,749
$1,013,067 |
$11,920,179 |
| 20 |
$21,489,210 |
$7,911,338
$1,063,716 |
$12,514,156 |
| 21 |
$22,563,840 |
$8,308,951
$1,116,910 |
$13,137,979 |
| 22 |
$23,692,145 |
$8,726,424
$1,172,761 |
$13,792,960 |
| 23 |
$24,876,385 |
$9,164,593
$1,231,381 |
$14,480,411 |
| 24 |
$26,120,515 |
$9,624,921
$1,292,965 |
$15,202,629 |
| 25 |
$27,426,230 |
$10,108,035
$1,357,598 |
$15,960,597 |
| 26 |
$28,798,050 |
$10,615,609
$1,425,503 |
$16,756,938 |
| 27 |
$30,237,670 |
$11,148,268
$1,496,765 |
$17,592,637 |
| 28 |
$31,749,610 |
$11,707,686
$1,571,606 |
$18,470,318 |
| 29 |
$33,337,260 |
$12,295,117
$1,650,194 |
$19,391,949 |
| 30 |
$35,004,010 |
$12,911,814
$1,732,698 |
$20,359,498 |
|
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