The jackpot for the Powerball draw on Sat Mar 7, 2026, is projected to be $35 Million, with an option for a cash payout of $16.5 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Sat Mar 7, 2026 |
|---|
| Draw Date | Sat Mar 7, 2026 | | Projected Jackpot | $35,000,000 | | Cash Value | $16,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $16,500,000 | | Federal Tax(24%) | $3,960,000 | | Additional Federal Tax | $2,105,330 | | State Tax(6.99%) | $1,153,350 | | Net Lumpsum Payment | $9,281,320 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$526,785 |
$155,241
$36,822 |
$334,722 |
| 2 |
$553,140 |
$164,992
$38,664 |
$349,484 |
| 3 |
$580,790 |
$175,223
$40,597 |
$364,970 |
| 4 |
$609,840 |
$185,971
$42,628 |
$381,241 |
| 5 |
$640,325 |
$197,251
$44,759 |
$398,315 |
| 6 |
$672,350 |
$209,100
$46,997 |
$416,253 |
| 7 |
$705,950 |
$221,532
$49,346 |
$435,072 |
| 8 |
$741,265 |
$234,598
$51,814 |
$454,853 |
| 9 |
$778,330 |
$248,312
$54,405 |
$475,613 |
| 10 |
$817,250 |
$262,713
$57,126 |
$497,411 |
| 11 |
$858,095 |
$277,826
$59,981 |
$520,288 |
| 12 |
$901,005 |
$293,702
$62,980 |
$544,323 |
| 13 |
$946,050 |
$310,369
$66,129 |
$569,552 |
| 14 |
$993,370 |
$327,877
$69,437 |
$596,056 |
| 15 |
$1,043,035 |
$346,253
$72,908 |
$623,874 |
| 16 |
$1,095,185 |
$365,549
$76,553 |
$653,083 |
| 17 |
$1,149,925 |
$385,803
$80,380 |
$683,742 |
| 18 |
$1,207,430 |
$407,079
$84,399 |
$715,952 |
| 19 |
$1,267,805 |
$429,418
$88,620 |
$749,767 |
| 20 |
$1,331,190 |
$452,871
$93,050 |
$785,269 |
| 21 |
$1,397,760 |
$477,502
$97,703 |
$822,555 |
| 22 |
$1,467,655 |
$503,363
$102,589 |
$861,703 |
| 23 |
$1,541,015 |
$530,506
$107,717 |
$902,792 |
| 24 |
$1,618,085 |
$559,022
$113,104 |
$945,959 |
| 25 |
$1,698,970 |
$588,949
$118,758 |
$991,263 |
| 26 |
$1,783,950 |
$620,392
$124,698 |
$1,038,860 |
| 27 |
$1,873,130 |
$653,388
$130,932 |
$1,088,810 |
| 28 |
$1,966,790 |
$688,043
$137,479 |
$1,141,268 |
| 29 |
$2,065,140 |
$724,432
$144,353 |
$1,196,355 |
| 30 |
$2,168,390 |
$762,635
$151,570 |
$1,254,185 |
|
|
