The jackpot for the Powerball draw on Sat Jan 3, 2026, is projected to be $64 Million, with an option for a cash payout of $29.5 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 Sat Jan 3, 2026 |
|---|
| Draw Date | Sat Jan 3, 2026 | | Projected Jackpot | $64,000,000 | | Cash Value | $29,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,500,000 | | Federal Tax(24%) | $7,080,000 | | Additional Federal Tax | $3,795,330 | | State Tax(7.25%) | $2,138,750 | | Net Lumpsum Payment | $16,485,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$963,264 |
$316,738
$69,837 |
$576,689 |
| 2 |
$1,011,456 |
$334,569
$73,331 |
$603,556 |
| 3 |
$1,062,016 |
$353,276
$76,996 |
$631,744 |
| 4 |
$1,115,136 |
$372,931
$80,847 |
$661,358 |
| 5 |
$1,170,880 |
$393,556
$84,889 |
$692,435 |
| 6 |
$1,229,440 |
$415,223
$89,134 |
$725,083 |
| 7 |
$1,290,880 |
$437,956
$93,589 |
$759,335 |
| 8 |
$1,355,456 |
$461,849
$98,271 |
$795,336 |
| 9 |
$1,423,232 |
$486,926
$103,184 |
$833,122 |
| 10 |
$1,494,400 |
$513,258
$108,344 |
$872,798 |
| 11 |
$1,569,088 |
$540,893
$113,759 |
$914,436 |
| 12 |
$1,647,552 |
$569,925
$119,448 |
$958,179 |
| 13 |
$1,729,920 |
$600,401
$125,419 |
$1,004,100 |
| 14 |
$1,816,448 |
$632,416
$131,692 |
$1,052,340 |
| 15 |
$1,907,264 |
$666,018
$138,277 |
$1,102,969 |
| 16 |
$2,002,624 |
$701,301
$145,190 |
$1,156,133 |
| 17 |
$2,102,720 |
$738,337
$152,447 |
$1,211,936 |
| 18 |
$2,207,872 |
$777,243
$160,071 |
$1,270,558 |
| 19 |
$2,318,272 |
$818,091
$168,075 |
$1,332,106 |
| 20 |
$2,434,176 |
$860,976
$176,478 |
$1,396,722 |
| 21 |
$2,555,904 |
$906,015
$185,303 |
$1,464,586 |
| 22 |
$2,683,712 |
$953,304
$194,569 |
$1,535,839 |
| 23 |
$2,817,856 |
$1,002,937
$204,295 |
$1,610,624 |
| 24 |
$2,958,784 |
$1,055,080
$214,512 |
$1,689,192 |
| 25 |
$3,106,688 |
$1,109,805
$225,235 |
$1,771,648 |
| 26 |
$3,262,080 |
$1,167,300
$236,501 |
$1,858,279 |
| 27 |
$3,425,152 |
$1,227,637
$248,324 |
$1,949,191 |
| 28 |
$3,596,416 |
$1,291,004
$260,740 |
$2,044,672 |
| 29 |
$3,776,256 |
$1,357,545
$273,779 |
$2,144,932 |
| 30 |
$3,965,056 |
$1,427,401
$287,467 |
$2,250,188 |
|
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