The jackpot for the Powerball draw on Mon Aug 3, 2026, is projected to be $748 Million, with an option for a cash payout of $325.1 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 Aug 3, 2026 |
|---|
| Draw Date | Mon Aug 3, 2026 | | Projected Jackpot | $748,000,000 | | Cash Value | $325,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $325,100,000 | | Federal Tax(24%) | $78,024,000 | | Additional Federal Tax | $42,223,330 | | State Tax(6.99%) | $22,724,490 | | Net Lumpsum Payment | $182,128,180 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$11,258,148 |
$4,125,845
$786,945 |
$6,345,358 |
| 2 |
$11,821,392 |
$4,334,245
$826,315 |
$6,660,832 |
| 3 |
$12,412,312 |
$4,552,886
$867,621 |
$6,991,805 |
| 4 |
$13,033,152 |
$4,782,597
$911,017 |
$7,339,538 |
| 5 |
$13,684,660 |
$5,023,655
$956,558 |
$7,704,447 |
| 6 |
$14,369,080 |
$5,276,890
$1,004,399 |
$8,087,791 |
| 7 |
$15,087,160 |
$5,542,580
$1,054,592 |
$8,489,988 |
| 8 |
$15,841,892 |
$5,821,830
$1,107,348 |
$8,912,714 |
| 9 |
$16,634,024 |
$6,114,919
$1,162,718 |
$9,356,387 |
| 10 |
$17,465,800 |
$6,422,676
$1,220,859 |
$9,822,265 |
| 11 |
$18,338,716 |
$6,745,655
$1,281,876 |
$10,311,185 |
| 12 |
$19,255,764 |
$7,084,963
$1,345,978 |
$10,824,823 |
| 13 |
$20,218,440 |
$7,441,153
$1,413,269 |
$11,364,018 |
| 14 |
$21,229,736 |
$7,815,333
$1,483,959 |
$11,930,444 |
| 15 |
$22,291,148 |
$8,208,055
$1,558,151 |
$12,524,942 |
| 16 |
$23,405,668 |
$8,620,428
$1,636,056 |
$13,149,184 |
| 17 |
$24,575,540 |
$9,053,280
$1,717,830 |
$13,804,430 |
| 18 |
$25,804,504 |
$9,507,997
$1,803,735 |
$14,492,772 |
| 19 |
$27,094,804 |
$9,985,408
$1,893,927 |
$15,215,469 |
| 20 |
$28,449,432 |
$10,486,620
$1,988,615 |
$15,974,197 |
| 21 |
$29,872,128 |
$11,013,018
$2,088,062 |
$16,771,048 |
| 22 |
$31,365,884 |
$11,565,707
$2,192,475 |
$17,607,702 |
| 23 |
$32,933,692 |
$12,145,796
$2,302,065 |
$18,485,831 |
| 24 |
$34,580,788 |
$12,755,222
$2,417,197 |
$19,408,369 |
| 25 |
$36,309,416 |
$13,394,814
$2,538,028 |
$20,376,574 |
| 26 |
$38,125,560 |
$14,066,788
$2,664,977 |
$21,393,795 |
| 27 |
$40,031,464 |
$14,771,972
$2,798,199 |
$22,461,293 |
| 28 |
$42,033,112 |
$15,512,582
$2,938,115 |
$23,582,415 |
| 29 |
$44,134,992 |
$16,290,277
$3,085,036 |
$24,759,679 |
| 30 |
$46,341,592 |
$17,106,719
$3,239,277 |
$25,995,596 |
|
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