The jackpot for the Powerball draw on Sat Jan 31, 2026, is projected to be $57 Million, with an option for a cash payout of $25.8 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 those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida Powerball Jackpot/Cash Option for Sat Jan 31, 2026 |
|---|
| Draw Date | Sat Jan 31, 2026 | | Projected Jackpot | $57,000,000 | | Cash Value | $25,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $25,800,000 | | Federal Tax(24%) | $6,192,000 | | Additional Federal Tax | $3,314,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $16,293,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$857,907 |
$277,756
$0 |
$580,151 |
| 2 |
$900,828 |
$293,637
$0 |
$607,191 |
| 3 |
$945,858 |
$310,298
$0 |
$635,560 |
| 4 |
$993,168 |
$327,803
$0 |
$665,365 |
| 5 |
$1,042,815 |
$346,172
$0 |
$696,643 |
| 6 |
$1,094,970 |
$365,469
$0 |
$729,501 |
| 7 |
$1,149,690 |
$385,716
$0 |
$763,974 |
| 8 |
$1,207,203 |
$406,995
$0 |
$800,208 |
| 9 |
$1,267,566 |
$429,330
$0 |
$838,236 |
| 10 |
$1,330,950 |
$452,782
$0 |
$878,168 |
| 11 |
$1,397,469 |
$477,394
$0 |
$920,075 |
| 12 |
$1,467,351 |
$503,250
$0 |
$964,101 |
| 13 |
$1,540,710 |
$530,393
$0 |
$1,010,317 |
| 14 |
$1,617,774 |
$558,907
$0 |
$1,058,867 |
| 15 |
$1,698,657 |
$588,833
$0 |
$1,109,824 |
| 16 |
$1,783,587 |
$620,258
$0 |
$1,163,329 |
| 17 |
$1,872,735 |
$653,242
$0 |
$1,219,493 |
| 18 |
$1,966,386 |
$687,893
$0 |
$1,278,493 |
| 19 |
$2,064,711 |
$724,273
$0 |
$1,340,438 |
| 20 |
$2,167,938 |
$762,467
$0 |
$1,405,471 |
| 21 |
$2,276,352 |
$802,581
$0 |
$1,473,771 |
| 22 |
$2,390,181 |
$844,697
$0 |
$1,545,484 |
| 23 |
$2,509,653 |
$888,902
$0 |
$1,620,751 |
| 24 |
$2,635,167 |
$935,342
$0 |
$1,699,825 |
| 25 |
$2,766,894 |
$984,081
$0 |
$1,782,813 |
| 26 |
$2,905,290 |
$1,035,288
$0 |
$1,870,002 |
| 27 |
$3,050,526 |
$1,089,025
$0 |
$1,961,501 |
| 28 |
$3,203,058 |
$1,145,462
$0 |
$2,057,596 |
| 29 |
$3,363,228 |
$1,204,725
$0 |
$2,158,503 |
| 30 |
$3,531,378 |
$1,266,940
$0 |
$2,264,438 |
|
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