The jackpot for the Powerball draw on Wed Jul 22, 2026, is projected to be $567 Million, with an option for a cash payout of $251.8 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 22, 2026 |
|---|
| Draw Date | Wed Jul 22, 2026 | | Projected Jackpot | $567,000,000 | | Cash Value | $251,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $251,800,000 | | Federal Tax(24%) | $60,432,000 | | Additional Federal Tax | $32,694,330 | | State Tax(4.95%) | $12,464,100 | | Net Lumpsum Payment | $146,209,570 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,533,917 |
$3,117,880
$422,429 |
$4,993,608 |
| 2 |
$8,960,868 |
$3,275,852
$443,563 |
$5,241,453 |
| 3 |
$9,408,798 |
$3,441,586
$465,736 |
$5,501,476 |
| 4 |
$9,879,408 |
$3,615,711
$489,031 |
$5,774,666 |
| 5 |
$10,373,265 |
$3,798,438
$513,477 |
$6,061,350 |
| 6 |
$10,892,070 |
$3,990,396
$539,157 |
$6,362,517 |
| 7 |
$11,436,390 |
$4,191,795
$566,101 |
$6,678,494 |
| 8 |
$12,008,493 |
$4,403,473
$594,420 |
$7,010,600 |
| 9 |
$12,608,946 |
$4,625,640
$624,143 |
$7,359,163 |
| 10 |
$13,239,450 |
$4,858,927
$655,353 |
$7,725,170 |
| 11 |
$13,901,139 |
$5,103,752
$688,106 |
$8,109,281 |
| 12 |
$14,596,281 |
$5,360,954
$722,516 |
$8,512,811 |
| 13 |
$15,326,010 |
$5,630,954
$758,637 |
$8,936,419 |
| 14 |
$16,092,594 |
$5,914,590
$796,583 |
$9,381,421 |
| 15 |
$16,897,167 |
$6,212,282
$836,410 |
$9,848,475 |
| 16 |
$17,741,997 |
$6,524,869
$878,229 |
$10,338,899 |
| 17 |
$18,628,785 |
$6,852,981
$922,125 |
$10,853,679 |
| 18 |
$19,560,366 |
$7,197,666
$968,238 |
$11,394,462 |
| 19 |
$20,538,441 |
$7,559,554
$1,016,653 |
$11,962,234 |
| 20 |
$21,565,278 |
$7,939,483
$1,067,481 |
$12,558,314 |
| 21 |
$22,643,712 |
$8,338,504
$1,120,864 |
$13,184,344 |
| 22 |
$23,776,011 |
$8,757,454
$1,176,913 |
$13,841,644 |
| 23 |
$24,964,443 |
$9,197,174
$1,235,740 |
$14,531,529 |
| 24 |
$26,212,977 |
$9,659,132
$1,297,542 |
$15,256,303 |
| 25 |
$27,523,314 |
$10,143,957
$1,362,404 |
$16,016,953 |
| 26 |
$28,899,990 |
$10,653,327
$1,430,550 |
$16,816,113 |
| 27 |
$30,344,706 |
$11,187,872
$1,502,063 |
$17,654,771 |
| 28 |
$31,861,998 |
$11,749,270
$1,577,169 |
$18,535,559 |
| 29 |
$33,455,268 |
$12,338,780
$1,656,036 |
$19,460,452 |
| 30 |
$35,127,918 |
$12,957,660
$1,738,832 |
$20,431,426 |
|
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