The jackpot for the Powerball draw on Mon Feb 2, 2026, is projected to be $65 Million, with an option for a cash payout of $29.4 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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut Powerball Jackpot/Cash Option for Mon Feb 2, 2026 |
|---|
| Draw Date | Mon Feb 2, 2026 | | Projected Jackpot | $65,000,000 | | Cash Value | $29,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,400,000 | | Federal Tax(24%) | $7,056,000 | | Additional Federal Tax | $3,782,330 | | State Tax(6.99%) | $2,055,060 | | Net Lumpsum Payment | $16,506,610 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$978,315 |
$322,307
$68,384 |
$587,624 |
| 2 |
$1,027,260 |
$340,417
$71,805 |
$615,038 |
| 3 |
$1,078,610 |
$359,416
$75,395 |
$643,799 |
| 4 |
$1,132,560 |
$379,378
$79,166 |
$674,016 |
| 5 |
$1,189,175 |
$400,325
$83,123 |
$705,727 |
| 6 |
$1,248,650 |
$422,331
$87,281 |
$739,038 |
| 7 |
$1,311,050 |
$445,419
$91,642 |
$773,989 |
| 8 |
$1,376,635 |
$469,685
$96,227 |
$810,723 |
| 9 |
$1,445,470 |
$495,154
$101,038 |
$849,278 |
| 10 |
$1,517,750 |
$521,898
$106,091 |
$889,761 |
| 11 |
$1,593,605 |
$549,964
$111,393 |
$932,248 |
| 12 |
$1,673,295 |
$579,450
$116,963 |
$976,882 |
| 13 |
$1,756,950 |
$610,402
$122,811 |
$1,023,737 |
| 14 |
$1,844,830 |
$642,917
$128,954 |
$1,072,959 |
| 15 |
$1,937,065 |
$677,044
$135,401 |
$1,124,620 |
| 16 |
$2,033,915 |
$712,879
$142,171 |
$1,178,865 |
| 17 |
$2,135,575 |
$750,493
$149,277 |
$1,235,805 |
| 18 |
$2,242,370 |
$790,007
$156,742 |
$1,295,621 |
| 19 |
$2,354,495 |
$831,494
$164,579 |
$1,358,422 |
| 20 |
$2,472,210 |
$875,048
$172,807 |
$1,424,355 |
| 21 |
$2,595,840 |
$920,791
$181,449 |
$1,493,600 |
| 22 |
$2,725,645 |
$968,819
$190,523 |
$1,566,303 |
| 23 |
$2,861,885 |
$1,019,228
$200,046 |
$1,642,611 |
| 24 |
$3,005,015 |
$1,072,186
$210,051 |
$1,722,778 |
| 25 |
$3,155,230 |
$1,127,765
$220,551 |
$1,806,914 |
| 26 |
$3,313,050 |
$1,186,159
$231,582 |
$1,895,309 |
| 27 |
$3,478,670 |
$1,247,438
$243,159 |
$1,988,073 |
| 28 |
$3,652,610 |
$1,311,796
$255,317 |
$2,085,497 |
| 29 |
$3,835,260 |
$1,379,377
$268,085 |
$2,187,798 |
| 30 |
$4,027,010 |
$1,450,324
$281,488 |
$2,295,198 |
|
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