The jackpot for the Powerball draw on Sat May 23, 2026, is projected to be $131 Million, with an option for a cash payout of $57.5 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 Sat May 23, 2026 |
|---|
| Draw Date | Sat May 23, 2026 | | Projected Jackpot | $131,000,000 | | Cash Value | $57,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $57,500,000 | | Federal Tax(24%) | $13,800,000 | | Additional Federal Tax | $7,435,330 | | State Tax(4.95%) | $2,846,250 | | Net Lumpsum Payment | $33,418,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,971,681 |
$689,852
$97,598 |
$1,184,231 |
| 2 |
$2,070,324 |
$726,350
$102,481 |
$1,241,493 |
| 3 |
$2,173,814 |
$764,642
$107,604 |
$1,301,568 |
| 4 |
$2,282,544 |
$804,872
$112,986 |
$1,364,686 |
| 5 |
$2,396,645 |
$847,089
$118,634 |
$1,430,922 |
| 6 |
$2,516,510 |
$891,439
$124,567 |
$1,500,504 |
| 7 |
$2,642,270 |
$937,970
$130,792 |
$1,573,508 |
| 8 |
$2,774,449 |
$986,877
$137,335 |
$1,650,237 |
| 9 |
$2,913,178 |
$1,038,206
$144,202 |
$1,730,770 |
| 10 |
$3,058,850 |
$1,092,105
$151,413 |
$1,815,332 |
| 11 |
$3,211,727 |
$1,148,669
$158,980 |
$1,904,078 |
| 12 |
$3,372,333 |
$1,208,094
$166,930 |
$1,997,309 |
| 13 |
$3,540,930 |
$1,270,474
$175,276 |
$2,095,180 |
| 14 |
$3,718,042 |
$1,336,006
$184,043 |
$2,197,993 |
| 15 |
$3,903,931 |
$1,404,785
$193,245 |
$2,305,901 |
| 16 |
$4,099,121 |
$1,477,005
$202,906 |
$2,419,210 |
| 17 |
$4,304,005 |
$1,552,812
$213,048 |
$2,538,145 |
| 18 |
$4,519,238 |
$1,632,448
$223,702 |
$2,663,088 |
| 19 |
$4,745,213 |
$1,716,059
$234,888 |
$2,794,266 |
| 20 |
$4,982,454 |
$1,803,838
$246,631 |
$2,931,985 |
| 21 |
$5,231,616 |
$1,896,028
$258,965 |
$3,076,623 |
| 22 |
$5,493,223 |
$1,992,823
$271,915 |
$3,228,485 |
| 23 |
$5,767,799 |
$2,094,416
$285,506 |
$3,387,877 |
| 24 |
$6,056,261 |
$2,201,147
$299,785 |
$3,555,329 |
| 25 |
$6,359,002 |
$2,313,161
$314,771 |
$3,731,070 |
| 26 |
$6,677,070 |
$2,430,846
$330,515 |
$3,915,709 |
| 27 |
$7,010,858 |
$2,554,348
$347,037 |
$4,109,473 |
| 28 |
$7,361,414 |
$2,684,054
$364,390 |
$4,312,970 |
| 29 |
$7,729,524 |
$2,820,254
$382,611 |
$4,526,659 |
| 30 |
$8,115,974 |
$2,963,241
$401,741 |
$4,750,992 |
|
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