The jackpot for the Powerball draw on Wed Jul 29, 2026, is projected to be $663 Million, with an option for a cash payout of $290.4 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 Jul 29, 2026 |
|---|
| Draw Date | Wed Jul 29, 2026 | | Projected Jackpot | $663,000,000 | | Cash Value | $290,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $290,400,000 | | Federal Tax(24%) | $69,696,000 | | Additional Federal Tax | $37,712,330 | | State Tax(4.95%) | $14,374,800 | | Net Lumpsum Payment | $168,616,870 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$9,978,813 |
$3,652,491
$493,951 |
$5,832,371 |
| 2 |
$10,478,052 |
$3,837,210
$518,664 |
$6,122,178 |
| 3 |
$11,001,822 |
$4,031,005
$544,590 |
$6,426,227 |
| 4 |
$11,552,112 |
$4,234,612
$571,830 |
$6,745,670 |
| 5 |
$12,129,585 |
$4,448,277
$600,414 |
$7,080,894 |
| 6 |
$12,736,230 |
$4,672,735
$630,443 |
$7,433,052 |
| 7 |
$13,372,710 |
$4,908,233
$661,949 |
$7,802,528 |
| 8 |
$14,041,677 |
$5,155,751
$695,063 |
$8,190,863 |
| 9 |
$14,743,794 |
$5,415,534
$729,818 |
$8,598,442 |
| 10 |
$15,481,050 |
$5,688,319
$766,312 |
$9,026,419 |
| 11 |
$16,254,771 |
$5,974,596
$804,611 |
$9,475,564 |
| 12 |
$17,067,609 |
$6,275,346
$844,847 |
$9,947,416 |
| 13 |
$17,920,890 |
$6,591,060
$887,084 |
$10,442,746 |
| 14 |
$18,817,266 |
$6,922,719
$931,455 |
$10,963,092 |
| 15 |
$19,758,063 |
$7,270,814
$978,024 |
$11,509,225 |
| 16 |
$20,745,933 |
$7,636,326
$1,026,924 |
$12,082,683 |
| 17 |
$21,782,865 |
$8,019,990
$1,078,252 |
$12,684,623 |
| 18 |
$22,872,174 |
$8,423,035
$1,132,173 |
$13,316,966 |
| 19 |
$24,015,849 |
$8,846,195
$1,188,785 |
$13,980,869 |
| 20 |
$25,216,542 |
$9,290,451
$1,248,219 |
$14,677,872 |
| 21 |
$26,477,568 |
$9,757,031
$1,310,640 |
$15,409,897 |
| 22 |
$27,801,579 |
$10,246,915
$1,376,178 |
$16,178,486 |
| 23 |
$29,191,227 |
$10,761,084
$1,444,966 |
$16,985,177 |
| 24 |
$30,651,153 |
$11,301,257
$1,517,232 |
$17,832,664 |
| 25 |
$32,183,346 |
$11,868,168
$1,593,076 |
$18,722,102 |
| 26 |
$33,793,110 |
$12,463,781
$1,672,759 |
$19,656,570 |
| 27 |
$35,482,434 |
$13,088,831
$1,756,380 |
$20,637,223 |
| 28 |
$37,256,622 |
$13,745,281
$1,844,203 |
$21,667,138 |
| 29 |
$39,119,652 |
$14,434,602
$1,936,423 |
$22,748,627 |
| 30 |
$41,075,502 |
$15,158,266
$2,033,237 |
$23,883,999 |
|
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