The jackpot for the Powerball draw on Wed Oct 21, 2026, is projected to be $635 Million, with an option for a cash payout of $267.5 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Wed Oct 21, 2026 |
|---|
| Draw Date | Wed Oct 21, 2026 | | Projected Jackpot | $635,000,000 | | Cash Value | $267,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $267,500,000 | | Federal Tax(24%) | $64,200,000 | | Additional Federal Tax | $34,735,330 | | State Tax(5%) | $13,375,000 | | Net Lumpsum Payment | $155,189,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$9,557,385 |
$3,496,563
$477,869 |
$5,582,953 |
| 2 |
$10,035,540 |
$3,673,480
$501,777 |
$5,860,283 |
| 3 |
$10,537,190 |
$3,859,091
$526,860 |
$6,151,239 |
| 4 |
$11,064,240 |
$4,054,099
$553,212 |
$6,456,929 |
| 5 |
$11,617,325 |
$4,258,741
$580,866 |
$6,777,718 |
| 6 |
$12,198,350 |
$4,473,720
$609,918 |
$7,114,712 |
| 7 |
$12,807,950 |
$4,699,272
$640,398 |
$7,468,280 |
| 8 |
$13,448,665 |
$4,936,336
$672,433 |
$7,839,896 |
| 9 |
$14,121,130 |
$5,185,148
$706,057 |
$8,229,925 |
| 10 |
$14,827,250 |
$5,446,413
$741,363 |
$8,639,474 |
| 11 |
$15,568,295 |
$5,720,600
$778,415 |
$9,069,280 |
| 12 |
$16,346,805 |
$6,008,648
$817,340 |
$9,520,817 |
| 13 |
$17,164,050 |
$6,311,029
$858,203 |
$9,994,818 |
| 14 |
$18,022,570 |
$6,628,681
$901,129 |
$10,492,760 |
| 15 |
$18,923,635 |
$6,962,075
$946,182 |
$11,015,378 |
| 16 |
$19,869,785 |
$7,312,151
$993,489 |
$11,564,145 |
| 17 |
$20,862,925 |
$7,679,613
$1,043,146 |
$12,140,166 |
| 18 |
$21,906,230 |
$8,065,635
$1,095,312 |
$12,745,283 |
| 19 |
$23,001,605 |
$8,470,924
$1,150,080 |
$13,380,601 |
| 20 |
$24,151,590 |
$8,896,419
$1,207,580 |
$14,047,591 |
| 21 |
$25,359,360 |
$9,343,294
$1,267,968 |
$14,748,098 |
| 22 |
$26,627,455 |
$9,812,489
$1,331,373 |
$15,483,593 |
| 23 |
$27,958,415 |
$10,304,944
$1,397,921 |
$16,255,550 |
| 24 |
$29,356,685 |
$10,822,304
$1,467,834 |
$17,066,547 |
| 25 |
$30,824,170 |
$11,365,273
$1,541,209 |
$17,917,688 |
| 26 |
$32,365,950 |
$11,935,732
$1,618,298 |
$18,811,920 |
| 27 |
$33,983,930 |
$12,534,384
$1,699,197 |
$19,750,349 |
| 28 |
$35,683,190 |
$13,163,111
$1,784,160 |
$20,735,919 |
| 29 |
$37,467,540 |
$13,823,320
$1,873,377 |
$21,770,843 |
| 30 |
$39,340,790 |
$14,516,423
$1,967,040 |
$22,857,327 |
|
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