The jackpot for the Powerball draw on Wed Jul 2, 2025, is projected to be $174 Million, with an option for a cash payout of $79.7 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 2, 2025 |
|---|
| Draw Date | Wed Jul 2, 2025 | | Projected Jackpot | $174,000,000 | | Cash Value | $79,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $79,700,000 | | Federal Tax(24%) | $19,128,000 | | Additional Federal Tax | $10,321,330 | | State Tax(4.95%) | $3,945,150 | | Net Lumpsum Payment | $46,305,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$2,618,874 |
$929,314
$129,634 |
$1,559,926 |
| 2 |
$2,749,896 |
$977,792
$136,120 |
$1,635,984 |
| 3 |
$2,887,356 |
$1,028,652
$142,924 |
$1,715,780 |
| 4 |
$3,031,776 |
$1,082,088
$150,073 |
$1,799,615 |
| 5 |
$3,183,330 |
$1,138,162
$157,575 |
$1,887,593 |
| 6 |
$3,342,540 |
$1,197,070
$165,456 |
$1,980,014 |
| 7 |
$3,509,580 |
$1,258,875
$173,724 |
$2,076,981 |
| 8 |
$3,685,146 |
$1,323,834
$182,415 |
$2,178,897 |
| 9 |
$3,869,412 |
$1,392,013
$191,536 |
$2,285,863 |
| 10 |
$4,062,900 |
$1,463,603
$201,114 |
$2,398,183 |
| 11 |
$4,265,958 |
$1,538,735
$211,165 |
$2,516,058 |
| 12 |
$4,479,282 |
$1,617,665
$221,724 |
$2,639,893 |
| 13 |
$4,703,220 |
$1,700,522
$232,809 |
$2,769,889 |
| 14 |
$4,938,468 |
$1,787,564
$244,454 |
$2,906,450 |
| 15 |
$5,185,374 |
$1,878,919
$256,676 |
$3,049,779 |
| 16 |
$5,444,634 |
$1,974,845
$269,509 |
$3,200,280 |
| 17 |
$5,716,770 |
$2,075,535
$282,980 |
$3,358,255 |
| 18 |
$6,002,652 |
$2,181,312
$297,131 |
$3,524,209 |
| 19 |
$6,302,802 |
$2,292,367
$311,989 |
$3,698,446 |
| 20 |
$6,617,916 |
$2,408,959
$327,587 |
$3,881,370 |
| 21 |
$6,948,864 |
$2,531,410
$343,969 |
$4,073,485 |
| 22 |
$7,296,342 |
$2,659,977
$361,169 |
$4,275,196 |
| 23 |
$7,661,046 |
$2,794,917
$379,222 |
$4,486,907 |
| 24 |
$8,044,194 |
$2,936,682
$398,188 |
$4,709,324 |
| 25 |
$8,446,308 |
$3,085,464
$418,092 |
$4,942,752 |
| 26 |
$8,868,780 |
$3,241,779
$439,005 |
$5,187,996 |
| 27 |
$9,312,132 |
$3,405,819
$460,951 |
$5,445,362 |
| 28 |
$9,777,756 |
$3,578,100
$483,999 |
$5,715,657 |
| 29 |
$10,266,696 |
$3,759,008
$508,201 |
$5,999,487 |
| 30 |
$10,779,996 |
$3,948,929
$533,610 |
$6,297,457 |
|
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