4.95% state lottery tax
Illinois Powerball Tax Calculator
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Illinois applies a 4.95% state lottery tax. Combined with the 24% federal withholding and the top-bracket federal adjustment, the effective tax on a large jackpot lands around 38–42%.
Note: 4.95% flat rate
Illinois after-tax take-home by jackpot tier
24% federal withholding + top-bracket adjustment + state tax. Cash lump sum estimated at 60% of advertised jackpot.
| Advertised | Cash take-home | Cash effective | Annuity take-home |
|---|---|---|---|
| $100M | $34.9M | 41.81% | $58.1M |
| $300M | $104.6M | 41.9% | $174.2M |
| $500M | $174.2M | 41.92% | $290.3M |
| $700M | $243.9M | 41.93% | $406.4M |
| $1B | $348.4M | 41.94% | $580.6M |
| $1.5B | $522.5M | 41.94% | $870.8M |
| $2B | $696.7M | 41.94% | $1.2B |
Illinois vs neighboring states ($1B cash)
| State | Rate | Cash take-home |
|---|---|---|
| Illinois (IL) | 4.95% | $348.4M |
| Indiana (IN) | 3.15% | $359.2M |
| Iowa (IA) | 3.8% | $355.3M |
| Missouri (MO) | 4.8% | $349.3M |