The jackpot for the Powerball draw on Mon Aug 17, 2026, is projected to be $35 Million, with an option for a cash payout of $15.2 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Mon Aug 17, 2026 |
|---|
| Draw Date | Mon Aug 17, 2026 | | Projected Jackpot | $35,000,000 | | Cash Value | $15,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $15,200,000 | | Federal Tax(24%) | $3,648,000 | | Additional Federal Tax | $1,936,330 | | State Tax(5%) | $760,000 | | Net Lumpsum Payment | $8,855,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$526,785 |
$155,241
$26,339 |
$345,205 |
| 2 |
$553,140 |
$164,992
$27,657 |
$360,491 |
| 3 |
$580,790 |
$175,223
$29,040 |
$376,527 |
| 4 |
$609,840 |
$185,971
$30,492 |
$393,377 |
| 5 |
$640,325 |
$197,251
$32,016 |
$411,058 |
| 6 |
$672,350 |
$209,100
$33,618 |
$429,632 |
| 7 |
$705,950 |
$221,532
$35,298 |
$449,120 |
| 8 |
$741,265 |
$234,598
$37,063 |
$469,604 |
| 9 |
$778,330 |
$248,312
$38,917 |
$491,101 |
| 10 |
$817,250 |
$262,713
$40,863 |
$513,674 |
| 11 |
$858,095 |
$277,826
$42,905 |
$537,364 |
| 12 |
$901,005 |
$293,702
$45,050 |
$562,253 |
| 13 |
$946,050 |
$310,369
$47,303 |
$588,378 |
| 14 |
$993,370 |
$327,877
$49,669 |
$615,824 |
| 15 |
$1,043,035 |
$346,253
$52,152 |
$644,630 |
| 16 |
$1,095,185 |
$365,549
$54,759 |
$674,877 |
| 17 |
$1,149,925 |
$385,803
$57,496 |
$706,626 |
| 18 |
$1,207,430 |
$407,079
$60,372 |
$739,979 |
| 19 |
$1,267,805 |
$429,418
$63,390 |
$774,997 |
| 20 |
$1,331,190 |
$452,871
$66,560 |
$811,759 |
| 21 |
$1,397,760 |
$477,502
$69,888 |
$850,370 |
| 22 |
$1,467,655 |
$503,363
$73,383 |
$890,909 |
| 23 |
$1,541,015 |
$530,506
$77,051 |
$933,458 |
| 24 |
$1,618,085 |
$559,022
$80,904 |
$978,159 |
| 25 |
$1,698,970 |
$588,949
$84,949 |
$1,025,072 |
| 26 |
$1,783,950 |
$620,392
$89,198 |
$1,074,360 |
| 27 |
$1,873,130 |
$653,388
$93,657 |
$1,126,085 |
| 28 |
$1,966,790 |
$688,043
$98,340 |
$1,180,407 |
| 29 |
$2,065,140 |
$724,432
$103,257 |
$1,237,451 |
| 30 |
$2,168,390 |
$762,635
$108,420 |
$1,297,335 |
|
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