The jackpot for the Powerball draw on Wed Oct 7, 2026, is projected to be $485 Million, with an option for a cash payout of $199.8 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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota Powerball Jackpot/Cash Option for Wed Oct 7, 2026 |
|---|
| Draw Date | Wed Oct 7, 2026 | | Projected Jackpot | $485,000,000 | | Cash Value | $199,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $199,800,000 | | Federal Tax(24%) | $47,952,000 | | Additional Federal Tax | $25,934,330 | | State Tax(7.25%) | $14,485,500 | | Net Lumpsum Payment | $111,428,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,299,735 |
$2,661,232
$529,231 |
$4,109,272 |
| 2 |
$7,664,940 |
$2,796,358
$555,708 |
$4,312,874 |
| 3 |
$8,048,090 |
$2,938,124
$583,487 |
$4,526,479 |
| 4 |
$8,450,640 |
$3,087,067
$612,671 |
$4,750,902 |
| 5 |
$8,873,075 |
$3,243,368
$643,298 |
$4,986,409 |
| 6 |
$9,316,850 |
$3,407,565
$675,472 |
$5,233,813 |
| 7 |
$9,782,450 |
$3,579,837
$709,228 |
$5,493,385 |
| 8 |
$10,271,815 |
$3,760,902
$744,707 |
$5,766,206 |
| 9 |
$10,785,430 |
$3,950,939
$781,944 |
$6,052,547 |
| 10 |
$11,324,750 |
$4,150,488
$821,044 |
$6,353,218 |
| 11 |
$11,890,745 |
$4,359,906
$862,079 |
$6,668,760 |
| 12 |
$12,485,355 |
$4,579,912
$905,188 |
$7,000,255 |
| 13 |
$13,109,550 |
$4,810,864
$950,442 |
$7,348,244 |
| 14 |
$13,765,270 |
$5,053,480
$997,982 |
$7,713,808 |
| 15 |
$14,453,485 |
$5,308,120
$1,047,878 |
$8,097,487 |
| 16 |
$15,176,135 |
$5,575,500
$1,100,270 |
$8,500,365 |
| 17 |
$15,934,675 |
$5,856,160
$1,155,264 |
$8,923,251 |
| 18 |
$16,731,530 |
$6,150,996
$1,213,036 |
$9,367,498 |
| 19 |
$17,568,155 |
$6,460,548
$1,273,691 |
$9,833,916 |
| 20 |
$18,446,490 |
$6,785,532
$1,337,371 |
$10,323,587 |
| 21 |
$19,368,960 |
$7,126,846
$1,404,250 |
$10,837,864 |
| 22 |
$20,337,505 |
$7,485,207
$1,474,469 |
$11,377,829 |
| 23 |
$21,354,065 |
$7,861,334
$1,548,170 |
$11,944,561 |
| 24 |
$22,422,035 |
$8,256,483
$1,625,598 |
$12,539,954 |
| 25 |
$23,542,870 |
$8,671,192
$1,706,858 |
$13,164,820 |
| 26 |
$24,720,450 |
$9,106,897
$1,792,233 |
$13,821,320 |
| 27 |
$25,956,230 |
$9,564,135
$1,881,827 |
$14,510,268 |
| 28 |
$27,254,090 |
$10,044,344
$1,975,922 |
$15,233,824 |
| 29 |
$28,616,940 |
$10,548,598
$2,074,728 |
$15,993,614 |
| 30 |
$30,047,690 |
$11,077,976
$2,178,458 |
$16,791,256 |
|
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