The jackpot for the Powerball draw on Wed Oct 28, 2026, is projected to be $716 Million, with an option for a cash payout of $307.2 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 Oct 28, 2026 |
|---|
| Draw Date | Wed Oct 28, 2026 | | Projected Jackpot | $716,000,000 | | Cash Value | $307,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $307,200,000 | | Federal Tax(24%) | $73,728,000 | | Additional Federal Tax | $39,896,330 | | State Tax(4.95%) | $15,206,400 | | Net Lumpsum Payment | $178,369,270 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,776,516 |
$3,947,641
$533,438 |
$6,295,437 |
| 2 |
$11,315,664 |
$4,147,126
$560,125 |
$6,608,413 |
| 3 |
$11,881,304 |
$4,356,413
$588,125 |
$6,936,766 |
| 4 |
$12,475,584 |
$4,576,296
$617,541 |
$7,281,747 |
| 5 |
$13,099,220 |
$4,807,042
$648,411 |
$7,643,767 |
| 6 |
$13,754,360 |
$5,049,444
$680,841 |
$8,024,075 |
| 7 |
$14,441,720 |
$5,303,767
$714,865 |
$8,423,088 |
| 8 |
$15,164,164 |
$5,571,071
$750,626 |
$8,842,467 |
| 9 |
$15,922,408 |
$5,851,621
$788,159 |
$9,282,628 |
| 10 |
$16,718,600 |
$6,146,212
$827,571 |
$9,744,817 |
| 11 |
$17,554,172 |
$6,455,374
$868,932 |
$10,229,866 |
| 12 |
$18,431,988 |
$6,780,166
$912,383 |
$10,739,439 |
| 13 |
$19,353,480 |
$7,121,118
$957,997 |
$11,274,365 |
| 14 |
$20,321,512 |
$7,479,290
$1,005,915 |
$11,836,307 |
| 15 |
$21,337,516 |
$7,855,211
$1,056,207 |
$12,426,098 |
| 16 |
$22,404,356 |
$8,249,942
$1,109,016 |
$13,045,398 |
| 17 |
$23,524,180 |
$8,664,277
$1,164,447 |
$13,695,456 |
| 18 |
$24,700,568 |
$9,099,541
$1,222,678 |
$14,378,349 |
| 19 |
$25,935,668 |
$9,556,528
$1,283,816 |
$15,095,324 |
| 20 |
$27,232,344 |
$10,036,298
$1,348,001 |
$15,848,045 |
| 21 |
$28,594,176 |
$10,540,176
$1,415,412 |
$16,638,588 |
| 22 |
$30,024,028 |
$11,069,221
$1,486,189 |
$17,468,618 |
| 23 |
$31,524,764 |
$11,624,493
$1,560,476 |
$18,339,795 |
| 24 |
$33,101,396 |
$12,207,847
$1,638,519 |
$19,255,030 |
| 25 |
$34,756,072 |
$12,820,077
$1,720,426 |
$20,215,569 |
| 26 |
$36,494,520 |
$13,463,303
$1,806,479 |
$21,224,738 |
| 27 |
$38,318,888 |
$14,138,319
$1,896,785 |
$22,283,784 |
| 28 |
$40,234,904 |
$14,847,245
$1,991,628 |
$23,396,031 |
| 29 |
$42,246,864 |
$15,591,670
$2,091,220 |
$24,563,974 |
| 30 |
$44,359,064 |
$16,373,184
$2,195,774 |
$25,790,106 |
|
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