The jackpot for the Powerball draw on Wed Aug 12, 2026, is projected to be $975 Million, with an option for a cash payout of $422.3 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 Aug 12, 2026 |
|---|
| Draw Date | Wed Aug 12, 2026 | | Projected Jackpot | $975,000,000 | | Cash Value | $422,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $422,300,000 | | Federal Tax(24%) | $101,352,000 | | Additional Federal Tax | $54,859,330 | | State Tax(7.25%) | $30,616,750 | | Net Lumpsum Payment | $235,471,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,674,725 |
$5,389,979
$1,063,918 |
$8,220,828 |
| 2 |
$15,408,900 |
$5,661,623
$1,117,145 |
$8,630,132 |
| 3 |
$16,179,150 |
$5,946,616
$1,172,988 |
$9,059,546 |
| 4 |
$16,988,400 |
$6,246,038
$1,231,659 |
$9,510,703 |
| 5 |
$17,837,625 |
$6,560,252
$1,293,228 |
$9,984,145 |
| 6 |
$18,729,750 |
$6,890,338
$1,357,907 |
$10,481,505 |
| 7 |
$19,665,750 |
$7,236,658
$1,425,767 |
$11,003,325 |
| 8 |
$20,649,525 |
$7,600,655
$1,497,091 |
$11,551,779 |
| 9 |
$21,682,050 |
$7,982,689
$1,571,949 |
$12,127,412 |
| 10 |
$22,766,250 |
$8,383,843
$1,650,553 |
$12,731,854 |
| 11 |
$23,904,075 |
$8,804,838
$1,733,045 |
$13,366,192 |
| 12 |
$25,099,425 |
$9,247,118
$1,819,708 |
$14,032,599 |
| 13 |
$26,354,250 |
$9,711,403
$1,910,683 |
$14,732,164 |
| 14 |
$27,672,450 |
$10,199,137
$2,006,253 |
$15,467,060 |
| 15 |
$29,055,975 |
$10,711,041
$2,106,558 |
$16,238,376 |
| 16 |
$30,508,725 |
$11,248,559
$2,211,883 |
$17,048,283 |
| 17 |
$32,033,625 |
$11,812,772
$2,322,438 |
$17,898,415 |
| 18 |
$33,635,550 |
$12,405,484
$2,438,577 |
$18,791,489 |
| 19 |
$35,317,425 |
$13,027,778
$2,560,513 |
$19,729,134 |
| 20 |
$37,083,150 |
$13,681,096
$2,688,528 |
$20,713,526 |
| 21 |
$38,937,600 |
$14,367,242
$2,822,976 |
$21,747,382 |
| 22 |
$40,884,675 |
$15,087,660
$2,964,139 |
$22,832,876 |
| 23 |
$42,928,275 |
$15,843,792
$3,112,300 |
$23,972,183 |
| 24 |
$45,075,225 |
$16,638,164
$3,267,954 |
$25,169,107 |
| 25 |
$47,328,450 |
$17,471,857
$3,431,313 |
$26,425,280 |
| 26 |
$49,695,750 |
$18,347,758
$3,602,942 |
$27,745,050 |
| 27 |
$52,180,050 |
$19,266,949
$3,783,054 |
$29,130,047 |
| 28 |
$54,789,150 |
$20,232,316
$3,972,213 |
$30,584,621 |
| 29 |
$57,528,900 |
$21,246,023
$4,170,845 |
$32,112,032 |
| 30 |
$60,405,150 |
$22,310,236
$4,379,373 |
$33,715,541 |
|
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