The jackpot for the Powerball draw on Wed Jul 15, 2026, is projected to be $498 Million, with an option for a cash payout of $221 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 Jul 15, 2026 |
|---|
| Draw Date | Wed Jul 15, 2026 | | Projected Jackpot | $498,000,000 | | Cash Value | $221,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $221,000,000 | | Federal Tax(24%) | $53,040,000 | | Additional Federal Tax | $28,690,330 | | State Tax(7.25%) | $16,022,500 | | Net Lumpsum Payment | $123,247,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,495,398 |
$2,733,628
$543,416 |
$4,218,354 |
| 2 |
$7,870,392 |
$2,872,375
$570,603 |
$4,427,414 |
| 3 |
$8,263,812 |
$3,017,941
$599,126 |
$4,646,745 |
| 4 |
$8,677,152 |
$3,170,877
$629,094 |
$4,877,181 |
| 5 |
$9,110,910 |
$3,331,367
$660,541 |
$5,119,002 |
| 6 |
$9,566,580 |
$3,499,965
$693,577 |
$5,373,038 |
| 7 |
$10,044,660 |
$3,676,855
$728,238 |
$5,639,567 |
| 8 |
$10,547,142 |
$3,862,773
$764,668 |
$5,919,701 |
| 9 |
$11,074,524 |
$4,057,904
$802,903 |
$6,213,717 |
| 10 |
$11,628,300 |
$4,262,801
$843,052 |
$6,522,447 |
| 11 |
$12,209,466 |
$4,477,833
$885,186 |
$6,846,447 |
| 12 |
$12,820,014 |
$4,703,736
$929,451 |
$7,186,827 |
| 13 |
$13,460,940 |
$4,940,878
$975,918 |
$7,544,144 |
| 14 |
$14,134,236 |
$5,189,998
$1,024,732 |
$7,919,506 |
| 15 |
$14,840,898 |
$5,451,463
$1,075,965 |
$8,313,470 |
| 16 |
$15,582,918 |
$5,726,010
$1,129,762 |
$8,727,146 |
| 17 |
$16,361,790 |
$6,014,193
$1,186,230 |
$9,161,367 |
| 18 |
$17,180,004 |
$6,316,932
$1,245,550 |
$9,617,522 |
| 19 |
$18,039,054 |
$6,634,780
$1,307,831 |
$10,096,443 |
| 20 |
$18,940,932 |
$6,968,475
$1,373,218 |
$10,599,239 |
| 21 |
$19,888,128 |
$7,318,938
$1,441,889 |
$11,127,301 |
| 22 |
$20,882,634 |
$7,686,905
$1,513,991 |
$11,681,738 |
| 23 |
$21,926,442 |
$8,073,114
$1,589,667 |
$12,263,661 |
| 24 |
$23,023,038 |
$8,478,854
$1,669,170 |
$12,875,014 |
| 25 |
$24,173,916 |
$8,904,679
$1,752,609 |
$13,516,628 |
| 26 |
$25,383,060 |
$9,352,063
$1,840,272 |
$14,190,725 |
| 27 |
$26,651,964 |
$9,821,557
$1,932,267 |
$14,898,140 |
| 28 |
$27,984,612 |
$10,314,637
$2,028,884 |
$15,641,091 |
| 29 |
$29,383,992 |
$10,832,407
$2,130,339 |
$16,421,246 |
| 30 |
$30,853,092 |
$11,375,974
$2,236,849 |
$17,240,269 |
|
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