The jackpot for the Powerball draw on Wed Mar 12, 2025, is projected to be $353 Million, with an option for a cash payout of $165.7 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 Mar 12, 2025 |
|---|
| Draw Date | Wed Mar 12, 2025 | | Projected Jackpot | $353,000,000 | | Cash Value | $165,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $165,700,000 | | Federal Tax(24%) | $39,768,000 | | Additional Federal Tax | $21,501,330 | | State Tax(4.95%) | $8,202,150 | | Net Lumpsum Payment | $96,228,520 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,313,003 |
$1,926,141
$262,994 |
$3,123,868 |
| 2 |
$5,578,812 |
$2,024,491
$276,151 |
$3,278,170 |
| 3 |
$5,857,682 |
$2,127,673
$289,955 |
$3,440,054 |
| 4 |
$6,150,672 |
$2,236,079
$304,458 |
$3,610,135 |
| 5 |
$6,458,135 |
$2,349,840
$319,678 |
$3,788,617 |
| 6 |
$6,781,130 |
$2,469,348
$335,666 |
$3,976,116 |
| 7 |
$7,120,010 |
$2,594,734
$352,440 |
$4,172,836 |
| 8 |
$7,476,187 |
$2,726,520
$370,071 |
$4,379,596 |
| 9 |
$7,850,014 |
$2,864,836
$388,576 |
$4,596,602 |
| 10 |
$8,242,550 |
$3,010,074
$408,006 |
$4,824,470 |
| 11 |
$8,654,501 |
$3,162,496
$428,398 |
$5,063,607 |
| 12 |
$9,087,279 |
$3,322,624
$449,820 |
$5,314,835 |
| 13 |
$9,541,590 |
$3,490,719
$472,309 |
$5,578,562 |
| 14 |
$10,018,846 |
$3,667,303
$495,933 |
$5,855,610 |
| 15 |
$10,519,753 |
$3,852,639
$520,728 |
$6,146,386 |
| 16 |
$11,045,723 |
$4,047,248
$546,763 |
$6,451,712 |
| 17 |
$11,597,815 |
$4,251,522
$574,092 |
$6,772,201 |
| 18 |
$12,177,794 |
$4,466,114
$602,801 |
$7,108,879 |
| 19 |
$12,786,719 |
$4,691,416
$632,943 |
$7,462,360 |
| 20 |
$13,426,002 |
$4,927,951
$664,587 |
$7,833,464 |
| 21 |
$14,097,408 |
$5,176,371
$697,822 |
$8,223,215 |
| 22 |
$14,802,349 |
$5,437,200
$732,716 |
$8,632,433 |
| 23 |
$15,542,237 |
$5,710,958
$769,341 |
$9,061,938 |
| 24 |
$16,319,543 |
$5,998,561
$807,817 |
$9,513,165 |
| 25 |
$17,135,326 |
$6,300,401
$848,199 |
$9,986,726 |
| 26 |
$17,992,410 |
$6,617,522
$890,624 |
$10,484,264 |
| 27 |
$18,891,854 |
$6,950,316
$935,147 |
$11,006,391 |
| 28 |
$19,836,482 |
$7,299,829
$981,906 |
$11,554,747 |
| 29 |
$20,828,412 |
$7,666,843
$1,031,006 |
$12,130,563 |
| 30 |
$21,869,762 |
$8,052,142
$1,082,553 |
$12,735,067 |
|
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