The jackpot for the Powerball draw on Mon Feb 16, 2026, is projected to be $154 Million, with an option for a cash payout of $72.2 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 Mon Feb 16, 2026 |
|---|
| Draw Date | Mon Feb 16, 2026 | | Projected Jackpot | $154,000,000 | | Cash Value | $72,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $72,200,000 | | Federal Tax(24%) | $17,328,000 | | Additional Federal Tax | $9,346,330 | | State Tax(4.95%) | $3,573,900 | | Net Lumpsum Payment | $41,951,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,317,854 |
$817,936
$114,734 |
$1,385,184 |
| 2 |
$2,433,816 |
$860,842
$120,474 |
$1,452,500 |
| 3 |
$2,555,476 |
$905,857
$126,496 |
$1,523,123 |
| 4 |
$2,683,296 |
$953,150
$132,823 |
$1,597,323 |
| 5 |
$2,817,430 |
$1,002,779
$139,463 |
$1,675,188 |
| 6 |
$2,958,340 |
$1,054,916
$146,438 |
$1,756,986 |
| 7 |
$3,106,180 |
$1,109,617
$153,756 |
$1,842,807 |
| 8 |
$3,261,566 |
$1,167,110
$161,448 |
$1,933,008 |
| 9 |
$3,424,652 |
$1,227,452
$169,520 |
$2,027,680 |
| 10 |
$3,595,900 |
$1,290,813
$177,997 |
$2,127,090 |
| 11 |
$3,775,618 |
$1,357,309
$186,893 |
$2,231,416 |
| 12 |
$3,964,422 |
$1,427,167
$196,239 |
$2,341,016 |
| 13 |
$4,162,620 |
$1,500,500
$206,050 |
$2,456,070 |
| 14 |
$4,370,828 |
$1,577,537
$216,356 |
$2,576,935 |
| 15 |
$4,589,354 |
$1,658,391
$227,173 |
$2,703,790 |
| 16 |
$4,818,814 |
$1,743,292
$238,531 |
$2,836,991 |
| 17 |
$5,059,670 |
$1,832,408
$250,454 |
$2,976,808 |
| 18 |
$5,312,692 |
$1,926,026
$262,978 |
$3,123,688 |
| 19 |
$5,578,342 |
$2,024,317
$276,128 |
$3,277,897 |
| 20 |
$5,857,236 |
$2,127,508
$289,933 |
$3,439,795 |
| 21 |
$6,150,144 |
$2,235,884
$304,432 |
$3,609,828 |
| 22 |
$6,457,682 |
$2,349,673
$319,655 |
$3,788,354 |
| 23 |
$6,780,466 |
$2,469,103
$335,633 |
$3,975,730 |
| 24 |
$7,119,574 |
$2,594,573
$352,419 |
$4,172,582 |
| 25 |
$7,475,468 |
$2,726,254
$370,036 |
$4,379,178 |
| 26 |
$7,849,380 |
$2,864,601
$388,544 |
$4,596,235 |
| 27 |
$8,241,772 |
$3,009,786
$407,968 |
$4,824,018 |
| 28 |
$8,653,876 |
$3,162,265
$428,367 |
$5,063,244 |
| 29 |
$9,086,616 |
$3,322,378
$449,787 |
$5,314,451 |
| 30 |
$9,540,916 |
$3,490,469
$472,275 |
$5,578,172 |
|
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