Powerball after taxes in Illinois
Powerball jackpot $360 million, winner living in Illinois. Cash option $153.6 million.
You keep about
$89.2 million in cash, single filer
Eighty-nine million two hundred fourteen thousand eight hundred and 00/100 dollars
Jackpot data as of Sep 24, 2026, for the Saturday, Sep 26 drawing.
| Item | Amount | Share of jackpot |
|---|---|---|
| Advertised jackpotSum of 30 annuity payments | $360,000,000 | |
| Cash optionOfficial cash value | $153,600,000 | |
| Federal tax withheld at claim24% of the prize | −$36,864,000 | |
| Federal tax still owed at filingTop bracket is 37% | −$19,918,000 | |
| Illinois state tax4.95% of the prize; $7.6 million withheld at claim | −$7,603,200 | |
| You keep24.8% of the advertised jackpot | $89,214,800 |
Illinois taxes lottery prizes at its flat 4.95% rate and withholds 4.95% state tax on Illinois Lottery prizes of $1,000 or more, for residents and nonresidents alike. Nonresidents who win with an Illinois ticket owe Illinois tax.
Lump sum or annuity in Illinois
| Cash option | Annuity (30 payments) | |
|---|---|---|
| Before tax | $153,600,000 | $360,000,000 |
| Total tax | −$64,385,200 | −$149,520,008 |
| You keep | $89,214,800 | $210,479,993 |
| In today's dollarsannuity discounted at 3% a year | $89,214,800 | $127,456,546 |
| When you get it | All at once | $3.2 million now, then yearly up to $13 million |
The annuity keeps $121.3 million more after tax in total but pays it over 29 years; the cash would need to earn 5.48% a year after tax to fund the same payments. How to think about the choice.
The 30 annuity payments
30 payments from $3.2 million to $13 million after tax
| Payment | Year | Before tax | Federal | State | After tax |
|---|---|---|---|---|---|
| 1 | 2026 | $5,418,517 | −$1,954,851 | −$268,217 | $3,195,449 |
| 2 | 2027 | $5,689,442 | −$2,055,094 | −$281,627 | $3,352,721 |
| 3 | 2028 | $5,973,915 | −$2,160,349 | −$295,709 | $3,517,857 |
| 4 | 2029 | $6,272,610 | −$2,270,866 | −$310,494 | $3,691,250 |
| 5 | 2030 | $6,586,241 | −$2,386,909 | −$326,019 | $3,873,313 |
| 6 | 2031 | $6,915,553 | −$2,508,755 | −$342,320 | $4,064,478 |
| 7 | 2032 | $7,261,331 | −$2,636,693 | −$359,436 | $4,265,202 |
| 8 | 2033 | $7,624,397 | −$2,771,027 | −$377,408 | $4,475,962 |
| 9 | 2034 | $8,005,617 | −$2,912,078 | −$396,278 | $4,697,260 |
| 10 | 2035 | $8,405,898 | −$3,060,182 | −$416,092 | $4,929,623 |
| 11 | 2036 | $8,826,193 | −$3,215,692 | −$436,897 | $5,173,605 |
| 12 | 2037 | $9,267,502 | −$3,378,976 | −$458,741 | $5,429,785 |
| 13 | 2038 | $9,730,877 | −$3,550,425 | −$481,678 | $5,698,774 |
| 14 | 2039 | $10,217,421 | −$3,730,446 | −$505,762 | $5,981,213 |
| 15 | 2040 | $10,728,292 | −$3,919,468 | −$531,050 | $6,277,773 |
| 16 | 2041 | $11,264,707 | −$4,117,942 | −$557,603 | $6,589,162 |
| 17 | 2042 | $11,827,942 | −$4,326,339 | −$585,483 | $6,916,120 |
| 18 | 2043 | $12,419,339 | −$4,545,156 | −$614,757 | $7,259,426 |
| 19 | 2044 | $13,040,306 | −$4,774,914 | −$645,495 | $7,619,898 |
| 20 | 2045 | $13,692,322 | −$5,016,159 | −$677,770 | $7,998,392 |
| 21 | 2046 | $14,376,938 | −$5,269,467 | −$711,658 | $8,395,812 |
| 22 | 2047 | $15,095,785 | −$5,535,441 | −$747,241 | $8,813,103 |
| 23 | 2048 | $15,850,574 | −$5,814,713 | −$784,603 | $9,251,258 |
| 24 | 2049 | $16,643,103 | −$6,107,948 | −$823,834 | $9,711,321 |
| 25 | 2050 | $17,475,258 | −$6,415,846 | −$865,025 | $10,194,387 |
| 26 | 2051 | $18,349,021 | −$6,739,138 | −$908,277 | $10,701,606 |
| 27 | 2052 | $19,266,472 | −$7,078,595 | −$953,690 | $11,234,187 |
| 28 | 2053 | $20,229,795 | −$7,435,024 | −$1,001,375 | $11,793,396 |
| 29 | 2054 | $21,241,285 | −$7,809,276 | −$1,051,444 | $12,380,566 |
| 30 | 2055 | $22,303,349 | −$8,202,239 | −$1,104,016 | $12,997,094 |
| Total | $360,000,000 | −$131,700,008 | −$17,820,000 | $210,479,993 | |
Full-page version with every state: Powerball annuity schedule for Illinois.
How Illinois compares
Illinois ranks 29th of 51 for what a single winner keeps from this jackpot in cash ($89.2 million).
| State | State tax | Cash kept |
|---|---|---|
| Illinois | 4.95% | $89.2 million |
| Indiana | 2.95% | $92.3 million |
| Iowa | 3.8% | $91 million |
| Kentucky | 3.5% | $91.4 million |
| Missouri | 4.7% | $89.6 million |
| Wisconsin | 7.65% | $85.1 million |
All 50 states and DC for this jackpot
Best states to win the lottery
Questions
How much is a $360 million Powerball jackpot after taxes in Illinois?
About $89.2 million if you take the cash option ($153.6 million before taxes), or about $210.5 million in total over 30 annual payments if you take the annuity. Illinois taxes the prize at 4.95%.
How much tax is taken out of lottery winnings in Illinois?
At claim the lottery withholds 24% for federal tax on prizes over $5,000. Illinois withholds 4.95% at claim. On a jackpot this size the final federal bill is closer to 37% of the prize because most of it falls in the 37% bracket, so about $19.9 million more is owed when you file.
What is the Illinois tax rate on lottery winnings?
4.95%. Illinois taxes lottery prizes as income; a jackpot is taxed almost entirely at the top rate of 4.95%, which is about $7.6 million on the cash option.
Is it better to take the lump sum or annuity in Illinois?
The annuity pays about $121.3 million more after taxes in total, spread over 29 years. The cash option comes out ahead only if you can earn more than 5.5% a year after tax on it. Many winners take the cash; the annuity protects against spending it too fast.
Which states do not tax lottery winnings?
Alaska, California, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming do not tax lottery prizes (California only exempts prizes from tickets bought there). Among the 50 states and DC, Illinois ranks 29th of 51 for what you keep from this jackpot.
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
- Powerball official site (current jackpot and cash value) (checked Sep 24, 2026)
- Report of the official jackpot estimate used here (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)
- Illinois: Illinois Lottery - Winner Handbook (checked Sep 26, 2026)
- Illinois: 86 Ill. Adm. Code 100.7036 - Withholding of Lottery, Gambling and Wagering Winnings (checked Sep 26, 2026)
- Illinois: IDOR Pub-130 - Withholding from Employees and Lottery or Gambling Winners (checked Sep 26, 2026)
- $1.817 billion Powerball jackpot won in Arkansas (powerball.com) (checked Sep 26, 2026)
- Powerball FAQs (checked Sep 26, 2026)
Figures are estimates for planning, not tax or legal advice. How they are calculated: methodology. Read the disclaimer.