$1.04 billion Powerball jackpot after taxes
$1.04 billion Powerball jackpot, drawn August 12, 2026, won in Illinois.
The winner would keep about
$261.6 million in cash in Illinois under 2026 rules
Two hundred sixty-one million five hundred sixty-five thousand two hundred fifty and 00/100 dollars
| Item | Amount | Share of jackpot |
|---|---|---|
| Advertised jackpotSum of 30 annuity payments | $1,040,000,000 | |
| Cash optionOfficial cash value | $450,500,000 | |
| Federal tax withheld at claim24% of the prize | −$108,120,000 | |
| Federal tax still owed at filingTop bracket is 37% | −$58,515,000 | |
| Illinois state tax4.95% of the prize; $22.3 million withheld at claim | −$22,299,750 | |
| You keep25.2% of the advertised jackpot | $261,565,250 |
Then and now
| Winning state | Tax rules at the time | 2026 rules |
|---|---|---|
| Illinois | $261.5 million37% federal, top marginal rate in 2026 | $261.6 million |
"At the time" applies the top federal rate and the winning state's top rate in the year of the drawing to the cash value, where both are sourced. 2026 figures use the full calculation described in the methodology.
Ticket sold at a Hy-Vee gas station in Quincy, Illinois. Powerball.com calls it the 8th-largest Powerball jackpot and the largest of 2026. The Illinois Lottery says it has been claimed; the payout choice was not confirmed in search. Overall rank is left null because the jackpots between $1.269B and $1.04B (for example Mega Millions March 2024 NJ, Powerball July 2023 CA, Mega Millions Jan 2021 MI) could not be verified before the search budget ran out. It is probably around #14-15.
Annuity under today's rules
30 payments from $9.1 million to $37.5 million after tax
| Payment | Year | Before tax | Federal | State | After tax |
|---|---|---|---|---|---|
| 1 | 2026 | $15,653,492 | −$5,741,792 | −$774,848 | $9,136,852 |
| 2 | 2027 | $16,436,167 | −$6,031,382 | −$813,590 | $9,591,195 |
| 3 | 2028 | $17,257,975 | −$6,335,451 | −$854,270 | $10,068,255 |
| 4 | 2029 | $18,120,874 | −$6,654,724 | −$896,983 | $10,569,167 |
| 5 | 2030 | $19,026,918 | −$6,989,960 | −$941,832 | $11,095,126 |
| 6 | 2031 | $19,978,264 | −$7,341,958 | −$988,924 | $11,647,382 |
| 7 | 2032 | $20,977,177 | −$7,711,556 | −$1,038,370 | $12,227,251 |
| 8 | 2033 | $22,026,036 | −$8,099,634 | −$1,090,289 | $12,836,114 |
| 9 | 2034 | $23,127,338 | −$8,507,115 | −$1,144,803 | $13,475,419 |
| 10 | 2035 | $24,283,705 | −$8,934,971 | −$1,202,043 | $14,146,690 |
| 11 | 2036 | $25,497,890 | −$9,384,219 | −$1,262,146 | $14,851,525 |
| 12 | 2037 | $26,772,784 | −$9,855,930 | −$1,325,253 | $15,591,601 |
| 13 | 2038 | $28,111,424 | −$10,351,227 | −$1,391,515 | $16,368,681 |
| 14 | 2039 | $29,516,995 | −$10,871,288 | −$1,461,091 | $17,184,615 |
| 15 | 2040 | $30,992,844 | −$11,417,353 | −$1,534,146 | $18,041,346 |
| 16 | 2041 | $32,542,487 | −$11,990,720 | −$1,610,853 | $18,940,913 |
| 17 | 2042 | $34,169,611 | −$12,592,756 | −$1,691,396 | $19,885,459 |
| 18 | 2043 | $35,878,092 | −$13,224,894 | −$1,775,966 | $20,877,232 |
| 19 | 2044 | $37,671,996 | −$13,888,639 | −$1,864,764 | $21,918,593 |
| 20 | 2045 | $39,555,596 | −$14,585,571 | −$1,958,002 | $23,012,023 |
| 21 | 2046 | $41,533,376 | −$15,317,349 | −$2,055,902 | $24,160,124 |
| 22 | 2047 | $43,610,044 | −$16,085,717 | −$2,158,697 | $25,365,631 |
| 23 | 2048 | $45,790,547 | −$16,892,503 | −$2,266,632 | $26,631,412 |
| 24 | 2049 | $48,080,074 | −$17,739,628 | −$2,379,964 | $27,960,483 |
| 25 | 2050 | $50,484,078 | −$18,629,109 | −$2,498,962 | $29,356,007 |
| 26 | 2051 | $53,008,282 | −$19,563,064 | −$2,623,910 | $30,821,307 |
| 27 | 2052 | $55,658,696 | −$20,543,718 | −$2,755,105 | $32,359,873 |
| 28 | 2053 | $58,441,630 | −$21,573,404 | −$2,892,861 | $33,975,366 |
| 29 | 2054 | $61,363,712 | −$22,654,574 | −$3,037,504 | $35,671,635 |
| 30 | 2055 | $64,431,898 | −$23,789,802 | −$3,189,379 | $37,452,716 |
| Total | $1,040,000,000 | −$383,300,008 | −$51,480,000 | $605,219,993 | |
Questions
How much did the $1.04 billion Powerball winner take home?
The cash value was $450.5 million. Under 2026 rules a single winner in Illinois would keep about $261.6 million after federal and state taxes.
Where was the $1.04 billion Powerball ticket sold?
Illinois.
These figures describe the taxes on a prize that has already been won; they are not a reason to buy a ticket. Jackpot odds are hundreds of millions to one. If gambling is causing problems for you or someone close to you, call or text 1-800-GAMBLER (National Problem Gambling Helpline, 24/7).
Sources for this page
- $1.040 Billion Powerball Jackpot Won in Illinois (powerball.com) (checked Sep 26, 2026)
- Mystery Solved: Illinois Lottery Confirms $1.04 Billion Powerball Jackpot Has Been Claimed (powerball.com) (checked Sep 26, 2026)
- Single ticket bought in Illinois wins $1.04B Powerball jackpot (UPI) (checked Sep 26, 2026)
- IRS: 2026 inflation adjustments (Rev. Proc. 2025-32) (checked Sep 26, 2026)
- IRS Publication 505: withholding on gambling winnings (checked Sep 26, 2026)
Figures are estimates for planning, not tax or legal advice. How they are calculated: methodology. Read the disclaimer.