The jackpot for the Powerball draw on Sat Oct 24, 2026, is projected to be $674 Million, with an option for a cash payout of $283.9 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 Oct 24, 2026 |
|---|
| Draw Date | Sat Oct 24, 2026 | | Projected Jackpot | $674,000,000 | | Cash Value | $283,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $283,900,000 | | Federal Tax(24%) | $68,136,000 | | Additional Federal Tax | $36,867,330 | | State Tax(4.95%) | $14,053,050 | | Net Lumpsum Payment | $164,843,620 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,144,374 |
$3,713,749
$502,147 |
$5,928,478 |
| 2 |
$10,651,896 |
$3,901,532
$527,269 |
$6,223,095 |
| 3 |
$11,184,356 |
$4,098,542
$553,626 |
$6,532,188 |
| 4 |
$11,743,776 |
$4,305,528
$581,317 |
$6,856,931 |
| 5 |
$12,330,830 |
$4,522,737
$610,376 |
$7,197,717 |
| 6 |
$12,947,540 |
$4,750,920
$640,903 |
$7,555,717 |
| 7 |
$13,594,580 |
$4,990,325
$672,932 |
$7,931,323 |
| 8 |
$14,274,646 |
$5,241,949
$706,595 |
$8,326,102 |
| 9 |
$14,988,412 |
$5,506,043
$741,926 |
$8,740,443 |
| 10 |
$15,737,900 |
$5,783,353
$779,026 |
$9,175,521 |
| 11 |
$16,524,458 |
$6,074,380
$817,961 |
$9,632,117 |
| 12 |
$17,350,782 |
$6,380,120
$858,864 |
$10,111,798 |
| 13 |
$18,218,220 |
$6,701,072
$901,802 |
$10,615,346 |
| 14 |
$19,129,468 |
$7,038,234
$946,909 |
$11,144,325 |
| 15 |
$20,085,874 |
$7,392,104
$994,251 |
$11,699,519 |
| 16 |
$21,090,134 |
$7,763,680
$1,043,962 |
$12,282,492 |
| 17 |
$22,144,270 |
$8,153,710
$1,096,141 |
$12,894,419 |
| 18 |
$23,251,652 |
$8,563,442
$1,150,957 |
$13,537,253 |
| 19 |
$24,414,302 |
$8,993,622
$1,208,508 |
$14,212,172 |
| 20 |
$25,634,916 |
$9,445,249
$1,268,928 |
$14,920,739 |
| 21 |
$26,916,864 |
$9,919,570
$1,332,385 |
$15,664,909 |
| 22 |
$28,262,842 |
$10,417,582
$1,399,011 |
$16,446,249 |
| 23 |
$29,675,546 |
$10,940,282
$1,468,940 |
$17,266,324 |
| 24 |
$31,159,694 |
$11,489,417
$1,542,405 |
$18,127,872 |
| 25 |
$32,717,308 |
$12,065,734
$1,619,507 |
$19,032,067 |
| 26 |
$34,353,780 |
$12,671,229
$1,700,512 |
$19,982,039 |
| 27 |
$36,071,132 |
$13,306,649
$1,785,521 |
$20,978,962 |
| 28 |
$37,874,756 |
$13,973,990
$1,874,800 |
$22,025,966 |
| 29 |
$39,768,696 |
$14,674,748
$1,968,550 |
$23,125,398 |
| 30 |
$41,756,996 |
$15,410,419
$2,066,971 |
$24,279,606 |
|
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