The jackpot for the Powerball draw on Mon Feb 23, 2026, is projected to be $203 Million, with an option for a cash payout of $94.6 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Mon Feb 23, 2026 |
|---|
| Draw Date | Mon Feb 23, 2026 | | Projected Jackpot | $203,000,000 | | Cash Value | $94,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $94,600,000 | | Federal Tax(24%) | $22,704,000 | | Additional Federal Tax | $12,258,330 | | State Tax(5%) | $4,730,000 | | Net Lumpsum Payment | $54,907,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,055,353 |
$1,090,811
$152,768 |
$1,811,774 |
| 2 |
$3,208,212 |
$1,147,369
$160,411 |
$1,900,432 |
| 3 |
$3,368,582 |
$1,206,706
$168,429 |
$1,993,447 |
| 4 |
$3,537,072 |
$1,269,047
$176,854 |
$2,091,171 |
| 5 |
$3,713,885 |
$1,334,468
$185,694 |
$2,193,723 |
| 6 |
$3,899,630 |
$1,403,193
$194,982 |
$2,301,455 |
| 7 |
$4,094,510 |
$1,475,299
$204,726 |
$2,414,485 |
| 8 |
$4,299,337 |
$1,551,085
$214,967 |
$2,533,285 |
| 9 |
$4,514,314 |
$1,630,627
$225,716 |
$2,657,971 |
| 10 |
$4,740,050 |
$1,714,149
$237,003 |
$2,788,898 |
| 11 |
$4,976,951 |
$1,801,802
$248,848 |
$2,926,301 |
| 12 |
$5,225,829 |
$1,893,887
$261,291 |
$3,070,651 |
| 13 |
$5,487,090 |
$1,990,554
$274,355 |
$3,222,181 |
| 14 |
$5,761,546 |
$2,092,102
$288,077 |
$3,381,367 |
| 15 |
$6,049,603 |
$2,198,683
$302,480 |
$3,548,440 |
| 16 |
$6,352,073 |
$2,310,597
$317,604 |
$3,723,872 |
| 17 |
$6,669,565 |
$2,428,069
$333,478 |
$3,908,018 |
| 18 |
$7,003,094 |
$2,551,475
$350,155 |
$4,101,464 |
| 19 |
$7,353,269 |
$2,681,040
$367,663 |
$4,304,566 |
| 20 |
$7,720,902 |
$2,817,064
$386,045 |
$4,517,793 |
| 21 |
$8,107,008 |
$2,959,923
$405,350 |
$4,741,735 |
| 22 |
$8,512,399 |
$3,109,918
$425,620 |
$4,976,861 |
| 23 |
$8,937,887 |
$3,267,349
$446,894 |
$5,223,644 |
| 24 |
$9,384,893 |
$3,432,741
$469,245 |
$5,482,907 |
| 25 |
$9,854,026 |
$3,606,320
$492,701 |
$5,755,005 |
| 26 |
$10,346,910 |
$3,788,687
$517,346 |
$6,040,877 |
| 27 |
$10,864,154 |
$3,980,067
$543,208 |
$6,340,879 |
| 28 |
$11,407,382 |
$4,181,062
$570,369 |
$6,655,951 |
| 29 |
$11,977,812 |
$4,392,121
$598,891 |
$6,986,800 |
| 30 |
$12,576,662 |
$4,613,695
$628,833 |
$7,334,134 |
|
|
