The jackpot for the Powerball draw on Mon Jul 7, 2025, is projected to be $203 Million, with an option for a cash payout of $92.5 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 Mon Jul 7, 2025 |
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Draw Date | Mon Jul 7, 2025 | Projected Jackpot | $203,000,000 | Cash Value | $92,500,000 |
Lumpsum Option Taxes and Payment |
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Cash Gross Payment | $92,500,000 | Federal Tax(24%) | $22,200,000 | Additional Federal Tax | $11,985,330 | State Tax(4.95%) | $4,578,750 | Net Lumpsum Payment | $53,735,920 |
Annuity Payment in 30 Installations |
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Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
1 |
$3,055,353 |
$1,090,811 $151,240 |
$1,813,302 |
2 |
$3,208,212 |
$1,147,369 $158,806 |
$1,902,037 |
3 |
$3,368,582 |
$1,206,706 $166,745 |
$1,995,131 |
4 |
$3,537,072 |
$1,269,047 $175,085 |
$2,092,940 |
5 |
$3,713,885 |
$1,334,468 $183,837 |
$2,195,580 |
6 |
$3,899,630 |
$1,403,193 $193,032 |
$2,303,405 |
7 |
$4,094,510 |
$1,475,299 $202,678 |
$2,416,533 |
8 |
$4,299,337 |
$1,551,085 $212,817 |
$2,535,435 |
9 |
$4,514,314 |
$1,630,627 $223,459 |
$2,660,228 |
10 |
$4,740,050 |
$1,714,149 $234,632 |
$2,791,269 |
11 |
$4,976,951 |
$1,801,802 $246,359 |
$2,928,790 |
12 |
$5,225,829 |
$1,893,887 $258,679 |
$3,073,263 |
13 |
$5,487,090 |
$1,990,554 $271,611 |
$3,224,925 |
14 |
$5,761,546 |
$2,092,102 $285,197 |
$3,384,247 |
15 |
$6,049,603 |
$2,198,683 $299,455 |
$3,551,465 |
16 |
$6,352,073 |
$2,310,597 $314,428 |
$3,727,048 |
17 |
$6,669,565 |
$2,428,069 $330,143 |
$3,911,353 |
18 |
$7,003,094 |
$2,551,475 $346,653 |
$4,104,966 |
19 |
$7,353,269 |
$2,681,040 $363,987 |
$4,308,242 |
20 |
$7,720,902 |
$2,817,064 $382,185 |
$4,521,653 |
21 |
$8,107,008 |
$2,959,923 $401,297 |
$4,745,788 |
22 |
$8,512,399 |
$3,109,918 $421,364 |
$4,981,117 |
23 |
$8,937,887 |
$3,267,349 $442,425 |
$5,228,113 |
24 |
$9,384,893 |
$3,432,741 $464,552 |
$5,487,600 |
25 |
$9,854,026 |
$3,606,320 $487,774 |
$5,759,932 |
26 |
$10,346,910 |
$3,788,687 $512,172 |
$6,046,051 |
27 |
$10,864,154 |
$3,980,067 $537,776 |
$6,346,311 |
28 |
$11,407,382 |
$4,181,062 $564,665 |
$6,661,655 |
29 |
$11,977,812 |
$4,392,121 $592,902 |
$6,992,789 |
30 |
$12,576,662 |
$4,613,695 $622,545 |
$7,340,422 |
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