The jackpot for the Powerball draw on Sat Jan 3, 2026, is projected to be $64 Million, with an option for a cash payout of $29.5 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 3, 2026 |
|---|
| Draw Date | Sat Jan 3, 2026 | | Projected Jackpot | $64,000,000 | | Cash Value | $29,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,500,000 | | Federal Tax(24%) | $7,080,000 | | Additional Federal Tax | $3,795,330 | | State Tax(4.95%) | $1,460,250 | | Net Lumpsum Payment | $17,164,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$963,264 |
$316,738
$47,682 |
$598,844 |
| 2 |
$1,011,456 |
$334,569
$50,067 |
$626,820 |
| 3 |
$1,062,016 |
$353,276
$52,570 |
$656,170 |
| 4 |
$1,115,136 |
$372,931
$55,199 |
$687,006 |
| 5 |
$1,170,880 |
$393,556
$57,959 |
$719,365 |
| 6 |
$1,229,440 |
$415,223
$60,857 |
$753,360 |
| 7 |
$1,290,880 |
$437,956
$63,899 |
$789,025 |
| 8 |
$1,355,456 |
$461,849
$67,095 |
$826,512 |
| 9 |
$1,423,232 |
$486,926
$70,450 |
$865,856 |
| 10 |
$1,494,400 |
$513,258
$73,973 |
$907,169 |
| 11 |
$1,569,088 |
$540,893
$77,670 |
$950,525 |
| 12 |
$1,647,552 |
$569,925
$81,554 |
$996,073 |
| 13 |
$1,729,920 |
$600,401
$85,631 |
$1,043,888 |
| 14 |
$1,816,448 |
$632,416
$89,914 |
$1,094,118 |
| 15 |
$1,907,264 |
$666,018
$94,410 |
$1,146,836 |
| 16 |
$2,002,624 |
$701,301
$99,130 |
$1,202,193 |
| 17 |
$2,102,720 |
$738,337
$104,085 |
$1,260,298 |
| 18 |
$2,207,872 |
$777,243
$109,290 |
$1,321,339 |
| 19 |
$2,318,272 |
$818,091
$114,754 |
$1,385,427 |
| 20 |
$2,434,176 |
$860,976
$120,492 |
$1,452,708 |
| 21 |
$2,555,904 |
$906,015
$126,517 |
$1,523,372 |
| 22 |
$2,683,712 |
$953,304
$132,844 |
$1,597,564 |
| 23 |
$2,817,856 |
$1,002,937
$139,484 |
$1,675,435 |
| 24 |
$2,958,784 |
$1,055,080
$146,460 |
$1,757,244 |
| 25 |
$3,106,688 |
$1,109,805
$153,781 |
$1,843,102 |
| 26 |
$3,262,080 |
$1,167,300
$161,473 |
$1,933,307 |
| 27 |
$3,425,152 |
$1,227,637
$169,545 |
$2,027,970 |
| 28 |
$3,596,416 |
$1,291,004
$178,023 |
$2,127,389 |
| 29 |
$3,776,256 |
$1,357,545
$186,925 |
$2,231,786 |
| 30 |
$3,965,056 |
$1,427,401
$196,270 |
$2,341,385 |
|
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