The jackpot for the Powerball draw on Wed Jul 1, 2026, is projected to be $375 Million, with an option for a cash payout of $170.6 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 Wed Jul 1, 2026 |
|---|
| Draw Date | Wed Jul 1, 2026 | | Projected Jackpot | $375,000,000 | | Cash Value | $170,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $170,600,000 | | Federal Tax(24%) | $40,944,000 | | Additional Federal Tax | $22,138,330 | | State Tax(4.95%) | $8,444,700 | | Net Lumpsum Payment | $99,072,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,644,125 |
$2,048,657
$279,384 |
$3,316,084 |
| 2 |
$5,926,500 |
$2,153,135
$293,362 |
$3,480,003 |
| 3 |
$6,222,750 |
$2,262,748
$308,026 |
$3,651,976 |
| 4 |
$6,534,000 |
$2,377,910
$323,433 |
$3,832,657 |
| 5 |
$6,860,625 |
$2,498,762
$339,601 |
$4,022,262 |
| 6 |
$7,203,750 |
$2,625,718
$356,586 |
$4,221,446 |
| 7 |
$7,563,750 |
$2,758,918
$374,406 |
$4,430,426 |
| 8 |
$7,942,125 |
$2,898,917
$393,135 |
$4,650,073 |
| 9 |
$8,339,250 |
$3,045,853
$412,793 |
$4,880,604 |
| 10 |
$8,756,250 |
$3,200,143
$433,434 |
$5,122,673 |
| 11 |
$9,193,875 |
$3,362,064
$455,097 |
$5,376,714 |
| 12 |
$9,653,625 |
$3,532,172
$477,854 |
$5,643,599 |
| 13 |
$10,136,250 |
$3,710,743
$501,744 |
$5,923,763 |
| 14 |
$10,643,250 |
$3,898,333
$526,841 |
$6,218,076 |
| 15 |
$11,175,375 |
$4,095,219
$553,181 |
$6,526,975 |
| 16 |
$11,734,125 |
$4,301,957
$580,839 |
$6,851,329 |
| 17 |
$12,320,625 |
$4,518,962
$609,871 |
$7,191,792 |
| 18 |
$12,936,750 |
$4,746,928
$640,369 |
$7,549,453 |
| 19 |
$13,583,625 |
$4,986,272
$672,389 |
$7,924,964 |
| 20 |
$14,262,750 |
$5,237,548
$706,006 |
$8,319,196 |
| 21 |
$14,976,000 |
$5,501,450
$741,312 |
$8,733,238 |
| 22 |
$15,724,875 |
$5,778,534
$778,381 |
$9,167,960 |
| 23 |
$16,510,875 |
$6,069,354
$817,288 |
$9,624,233 |
| 24 |
$17,336,625 |
$6,374,882
$858,163 |
$10,103,580 |
| 25 |
$18,203,250 |
$6,695,533
$901,061 |
$10,606,656 |
| 26 |
$19,113,750 |
$7,032,418
$946,131 |
$11,135,201 |
| 27 |
$20,069,250 |
$7,385,953
$993,428 |
$11,689,869 |
| 28 |
$21,072,750 |
$7,757,248
$1,043,101 |
$12,272,401 |
| 29 |
$22,126,500 |
$8,147,135
$1,095,262 |
$12,884,103 |
| 30 |
$23,232,750 |
$8,556,448
$1,150,021 |
$13,526,281 |
|
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