The jackpot for the Powerball draw on Wed Jan 7, 2026, is projected to be $105 Million, with an option for a cash payout of $47.4 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 Jan 7, 2026 |
|---|
| Draw Date | Wed Jan 7, 2026 | | Projected Jackpot | $105,000,000 | | Cash Value | $47,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $47,400,000 | | Federal Tax(24%) | $11,376,000 | | Additional Federal Tax | $6,122,330 | | State Tax(4.95%) | $2,346,300 | | Net Lumpsum Payment | $27,555,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,580,355 |
$545,062
$78,228 |
$957,065 |
| 2 |
$1,659,420 |
$574,316
$82,141 |
$1,002,963 |
| 3 |
$1,742,370 |
$605,007
$86,247 |
$1,051,116 |
| 4 |
$1,829,520 |
$637,253
$90,561 |
$1,101,706 |
| 5 |
$1,920,975 |
$671,091
$95,088 |
$1,154,796 |
| 6 |
$2,017,050 |
$706,639
$99,844 |
$1,210,567 |
| 7 |
$2,117,850 |
$743,935
$104,834 |
$1,269,081 |
| 8 |
$2,223,795 |
$783,135
$110,078 |
$1,330,582 |
| 9 |
$2,334,990 |
$824,277
$115,582 |
$1,395,131 |
| 10 |
$2,451,750 |
$867,478
$121,362 |
$1,462,910 |
| 11 |
$2,574,285 |
$912,816
$127,427 |
$1,534,042 |
| 12 |
$2,703,015 |
$960,446
$133,799 |
$1,608,770 |
| 13 |
$2,838,150 |
$1,010,446
$140,488 |
$1,687,216 |
| 14 |
$2,980,110 |
$1,062,971
$147,515 |
$1,769,624 |
| 15 |
$3,129,105 |
$1,118,099
$154,891 |
$1,856,115 |
| 16 |
$3,285,555 |
$1,175,986
$162,635 |
$1,946,934 |
| 17 |
$3,449,775 |
$1,236,747
$170,764 |
$2,042,264 |
| 18 |
$3,622,290 |
$1,300,578
$179,303 |
$2,142,409 |
| 19 |
$3,803,415 |
$1,367,594
$188,269 |
$2,247,552 |
| 20 |
$3,993,570 |
$1,437,951
$197,682 |
$2,357,937 |
| 21 |
$4,193,280 |
$1,511,844
$207,567 |
$2,473,869 |
| 22 |
$4,402,965 |
$1,589,427
$217,947 |
$2,595,591 |
| 23 |
$4,623,045 |
$1,670,857
$228,841 |
$2,723,347 |
| 24 |
$4,854,255 |
$1,756,405
$240,286 |
$2,857,564 |
| 25 |
$5,096,910 |
$1,846,187
$252,297 |
$2,998,426 |
| 26 |
$5,351,850 |
$1,940,515
$264,917 |
$3,146,418 |
| 27 |
$5,619,390 |
$2,039,505
$278,160 |
$3,301,725 |
| 28 |
$5,900,370 |
$2,143,467
$292,068 |
$3,464,835 |
| 29 |
$6,195,420 |
$2,252,636
$306,673 |
$3,636,111 |
| 30 |
$6,505,170 |
$2,367,243
$322,006 |
$3,815,921 |
|
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