The jackpot for the Powerball draw on Sat Aug 22, 2026, is projected to be $68 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 Aug 22, 2026 |
|---|
| Draw Date | Sat Aug 22, 2026 | | Projected Jackpot | $68,000,000 | | 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 |
$1,023,468 |
$339,014
$74,201 |
$610,253 |
| 2 |
$1,074,672 |
$357,959
$77,914 |
$638,799 |
| 3 |
$1,128,392 |
$377,835
$81,808 |
$668,749 |
| 4 |
$1,184,832 |
$398,718
$85,900 |
$700,214 |
| 5 |
$1,244,060 |
$420,633
$90,194 |
$733,233 |
| 6 |
$1,306,280 |
$443,654
$94,705 |
$767,921 |
| 7 |
$1,371,560 |
$467,808
$99,438 |
$804,314 |
| 8 |
$1,440,172 |
$493,194
$104,412 |
$842,566 |
| 9 |
$1,512,184 |
$519,838
$109,633 |
$882,713 |
| 10 |
$1,587,800 |
$547,816
$115,116 |
$924,868 |
| 11 |
$1,667,156 |
$577,178
$120,869 |
$969,109 |
| 12 |
$1,750,524 |
$608,024
$126,913 |
$1,015,587 |
| 13 |
$1,838,040 |
$640,405
$133,258 |
$1,064,377 |
| 14 |
$1,929,976 |
$674,422
$139,923 |
$1,115,631 |
| 15 |
$2,026,468 |
$710,124
$146,919 |
$1,169,425 |
| 16 |
$2,127,788 |
$747,612
$154,265 |
$1,225,911 |
| 17 |
$2,234,140 |
$786,962
$161,975 |
$1,285,203 |
| 18 |
$2,345,864 |
$828,300
$170,075 |
$1,347,489 |
| 19 |
$2,463,164 |
$871,701
$178,579 |
$1,412,884 |
| 20 |
$2,586,312 |
$917,266
$187,508 |
$1,481,538 |
| 21 |
$2,715,648 |
$965,120
$196,884 |
$1,553,644 |
| 22 |
$2,851,444 |
$1,015,365
$206,730 |
$1,629,349 |
| 23 |
$2,993,972 |
$1,068,100
$217,063 |
$1,708,809 |
| 24 |
$3,143,708 |
$1,123,502
$227,919 |
$1,792,287 |
| 25 |
$3,300,856 |
$1,181,647
$239,312 |
$1,879,897 |
| 26 |
$3,465,960 |
$1,242,736
$251,282 |
$1,971,942 |
| 27 |
$3,639,224 |
$1,306,843
$263,844 |
$2,068,537 |
| 28 |
$3,821,192 |
$1,374,171
$277,036 |
$2,169,985 |
| 29 |
$4,012,272 |
$1,444,871
$290,890 |
$2,276,511 |
| 30 |
$4,212,872 |
$1,519,093
$305,433 |
$2,388,346 |
|
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