The jackpot for the Powerball draw on Mon Feb 2, 2026, is projected to be $65 Million, with an option for a cash payout of $29.4 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 Mon Feb 2, 2026 |
|---|
| Draw Date | Mon Feb 2, 2026 | | Projected Jackpot | $65,000,000 | | Cash Value | $29,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,400,000 | | Federal Tax(24%) | $7,056,000 | | Additional Federal Tax | $3,782,330 | | State Tax(4.95%) | $1,455,300 | | Net Lumpsum Payment | $17,106,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$978,315 |
$322,307
$48,427 |
$607,581 |
| 2 |
$1,027,260 |
$340,417
$50,849 |
$635,994 |
| 3 |
$1,078,610 |
$359,416
$53,391 |
$665,803 |
| 4 |
$1,132,560 |
$379,378
$56,062 |
$697,120 |
| 5 |
$1,189,175 |
$400,325
$58,864 |
$729,986 |
| 6 |
$1,248,650 |
$422,331
$61,808 |
$764,511 |
| 7 |
$1,311,050 |
$445,419
$64,897 |
$800,734 |
| 8 |
$1,376,635 |
$469,685
$68,143 |
$838,807 |
| 9 |
$1,445,470 |
$495,154
$71,551 |
$878,765 |
| 10 |
$1,517,750 |
$521,898
$75,129 |
$920,723 |
| 11 |
$1,593,605 |
$549,964
$78,883 |
$964,758 |
| 12 |
$1,673,295 |
$579,450
$82,828 |
$1,011,017 |
| 13 |
$1,756,950 |
$610,402
$86,969 |
$1,059,579 |
| 14 |
$1,844,830 |
$642,917
$91,319 |
$1,110,594 |
| 15 |
$1,937,065 |
$677,044
$95,885 |
$1,164,136 |
| 16 |
$2,033,915 |
$712,879
$100,679 |
$1,220,357 |
| 17 |
$2,135,575 |
$750,493
$105,711 |
$1,279,371 |
| 18 |
$2,242,370 |
$790,007
$110,997 |
$1,341,366 |
| 19 |
$2,354,495 |
$831,494
$116,548 |
$1,406,453 |
| 20 |
$2,472,210 |
$875,048
$122,374 |
$1,474,788 |
| 21 |
$2,595,840 |
$920,791
$128,494 |
$1,546,555 |
| 22 |
$2,725,645 |
$968,819
$134,919 |
$1,621,907 |
| 23 |
$2,861,885 |
$1,019,228
$141,663 |
$1,700,994 |
| 24 |
$3,005,015 |
$1,072,186
$148,748 |
$1,784,081 |
| 25 |
$3,155,230 |
$1,127,765
$156,184 |
$1,871,281 |
| 26 |
$3,313,050 |
$1,186,159
$163,996 |
$1,962,895 |
| 27 |
$3,478,670 |
$1,247,438
$172,194 |
$2,059,038 |
| 28 |
$3,652,610 |
$1,311,796
$180,804 |
$2,160,010 |
| 29 |
$3,835,260 |
$1,379,377
$189,845 |
$2,266,038 |
| 30 |
$4,027,010 |
$1,450,324
$199,337 |
$2,377,349 |
|
|
