How much will I pay in taxes if I win the IL Lottery?
Prizes of $1,000 or more are subject to state tax withholdings of 4.95%. Prizes greater than $5,000 are subject to the 4.95% state tax plus a 24% federal tax withholding.
How long does it take to receive IL Lottery winnings?
Many prizes can be redeemed at any authorized retailer, and prizes up to $25,000 can be claimed instantly at an IL Lottery Claims Center. For larger prizes, it typically takes three business days to process a claim from the time the claim is received, but please allow at least two weeks to make sure the claim is received.
About the Illinois Lottery
The Illinois Lottery was founded in 1974, and topped $129 million in sales the first year. The IL Lottery has been an independent, cabinet-level department for the majority of its existence.
Lottery profits initially went to the State's General Revenue Fund, until legislation passed in 1985 earmarked profits for the Common School Fund, which continues to be the Lottery's major benefactor. Funds from the IL Lottery also go toward supporting good causes such as the Common School Fund and the Capital Projects Fund. The sale of specialty games further supports causes such as veterans and breast cancer and MS research. Since its inception, the IL Lottery has contributed more than $21 billion to the state.
To learn more about the Illinois Lottery please visit the official website.
Information on responsible gaming and problem gaming is available here. Or call 1-800-522-4700.