The jackpot for the Powerball draw on Mon Jun 23, 2025, is projected to be $128 Million, with an option for a cash payout of $57.6 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 Jun 23, 2025 |
|---|
| Draw Date | Mon Jun 23, 2025 | | Projected Jackpot | $128,000,000 | | Cash Value | $57,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $57,600,000 | | Federal Tax(24%) | $13,824,000 | | Additional Federal Tax | $7,448,330 | | State Tax(4.95%) | $2,851,200 | | Net Lumpsum Payment | $33,476,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,926,528 |
$673,146
$95,363 |
$1,158,019 |
| 2 |
$2,022,912 |
$708,808
$100,134 |
$1,213,970 |
| 3 |
$2,124,032 |
$746,222
$105,140 |
$1,272,670 |
| 4 |
$2,230,272 |
$785,531
$110,398 |
$1,334,343 |
| 5 |
$2,341,760 |
$826,782
$115,917 |
$1,399,061 |
| 6 |
$2,458,880 |
$870,116
$121,715 |
$1,467,049 |
| 7 |
$2,581,760 |
$915,582
$127,797 |
$1,538,381 |
| 8 |
$2,710,912 |
$963,368
$134,190 |
$1,613,354 |
| 9 |
$2,846,464 |
$1,013,522
$140,900 |
$1,692,042 |
| 10 |
$2,988,800 |
$1,066,186
$147,946 |
$1,774,668 |
| 11 |
$3,138,176 |
$1,121,456
$155,340 |
$1,861,380 |
| 12 |
$3,295,104 |
$1,179,519
$163,108 |
$1,952,477 |
| 13 |
$3,459,840 |
$1,240,471
$171,262 |
$2,048,107 |
| 14 |
$3,632,896 |
$1,304,502
$179,828 |
$2,148,566 |
| 15 |
$3,814,528 |
$1,371,706
$188,819 |
$2,254,003 |
| 16 |
$4,005,248 |
$1,442,272
$198,260 |
$2,364,716 |
| 17 |
$4,205,440 |
$1,516,343
$208,169 |
$2,480,928 |
| 18 |
$4,415,744 |
$1,594,156
$218,579 |
$2,603,009 |
| 19 |
$4,636,544 |
$1,675,852
$229,509 |
$2,731,183 |
| 20 |
$4,868,352 |
$1,761,621
$240,983 |
$2,865,748 |
| 21 |
$5,111,808 |
$1,851,699
$253,034 |
$3,007,075 |
| 22 |
$5,367,424 |
$1,946,277
$265,687 |
$3,155,460 |
| 23 |
$5,635,712 |
$2,045,544
$278,968 |
$3,311,200 |
| 24 |
$5,917,568 |
$2,149,831
$292,920 |
$3,474,817 |
| 25 |
$6,213,376 |
$2,259,280
$307,562 |
$3,646,534 |
| 26 |
$6,524,160 |
$2,374,270
$322,946 |
$3,826,944 |
| 27 |
$6,850,304 |
$2,494,943
$339,090 |
$4,016,271 |
| 28 |
$7,192,832 |
$2,621,678
$356,045 |
$4,215,109 |
| 29 |
$7,552,512 |
$2,754,760
$373,849 |
$4,423,903 |
| 30 |
$7,930,112 |
$2,894,472
$392,541 |
$4,643,099 |
|
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