The jackpot for the Powerball draw on Sat May 3, 2025, is projected to be $44 Million, with an option for a cash payout of $20.3 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 May 3, 2025 |
|---|
| Draw Date | Sat May 3, 2025 | | Projected Jackpot | $44,000,000 | | Cash Value | $20,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,300,000 | | Federal Tax(24%) | $4,872,000 | | Additional Federal Tax | $2,599,330 | | State Tax(4.95%) | $1,004,850 | | Net Lumpsum Payment | $11,823,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$662,244 |
$205,361
$32,781 |
$424,102 |
| 2 |
$695,376 |
$217,620
$34,421 |
$443,335 |
| 3 |
$730,136 |
$230,481
$36,142 |
$463,513 |
| 4 |
$766,656 |
$243,993
$37,949 |
$484,714 |
| 5 |
$804,980 |
$258,173
$39,847 |
$506,960 |
| 6 |
$845,240 |
$273,069
$41,839 |
$530,332 |
| 7 |
$887,480 |
$288,698
$43,930 |
$554,852 |
| 8 |
$931,876 |
$305,125
$46,128 |
$580,623 |
| 9 |
$978,472 |
$322,365
$48,434 |
$607,673 |
| 10 |
$1,027,400 |
$340,468
$50,856 |
$636,076 |
| 11 |
$1,078,748 |
$359,467
$53,398 |
$665,883 |
| 12 |
$1,132,692 |
$379,426
$56,068 |
$697,198 |
| 13 |
$1,189,320 |
$400,379
$58,871 |
$730,070 |
| 14 |
$1,248,808 |
$422,389
$61,816 |
$764,603 |
| 15 |
$1,311,244 |
$445,491
$64,907 |
$800,846 |
| 16 |
$1,376,804 |
$469,748
$68,152 |
$838,904 |
| 17 |
$1,445,620 |
$495,210
$71,558 |
$878,852 |
| 18 |
$1,517,912 |
$521,958
$75,137 |
$920,817 |
| 19 |
$1,593,812 |
$550,041
$78,894 |
$964,877 |
| 20 |
$1,673,496 |
$579,524
$82,838 |
$1,011,134 |
| 21 |
$1,757,184 |
$610,488
$86,981 |
$1,059,715 |
| 22 |
$1,845,052 |
$643,000
$91,330 |
$1,110,722 |
| 23 |
$1,937,276 |
$677,123
$95,895 |
$1,164,258 |
| 24 |
$2,034,164 |
$712,971
$100,691 |
$1,220,502 |
| 25 |
$2,135,848 |
$750,594
$105,724 |
$1,279,530 |
| 26 |
$2,242,680 |
$790,122
$111,013 |
$1,341,545 |
| 27 |
$2,354,792 |
$831,603
$116,562 |
$1,406,627 |
| 28 |
$2,472,536 |
$875,169
$122,391 |
$1,474,976 |
| 29 |
$2,596,176 |
$920,916
$128,511 |
$1,546,749 |
| 30 |
$2,725,976 |
$968,942
$134,936 |
$1,622,098 |
|
|
