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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa 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(5%) | $16,255,000 | | Net Lumpsum Payment | $188,597,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$11,258,148 |
$4,125,845
$562,907 |
$6,569,396 |
| 2 |
$11,821,392 |
$4,334,245
$591,070 |
$6,896,077 |
| 3 |
$12,412,312 |
$4,552,886
$620,616 |
$7,238,810 |
| 4 |
$13,033,152 |
$4,782,597
$651,658 |
$7,598,897 |
| 5 |
$13,684,660 |
$5,023,655
$684,233 |
$7,976,772 |
| 6 |
$14,369,080 |
$5,276,890
$718,454 |
$8,373,736 |
| 7 |
$15,087,160 |
$5,542,580
$754,358 |
$8,790,222 |
| 8 |
$15,841,892 |
$5,821,830
$792,095 |
$9,227,967 |
| 9 |
$16,634,024 |
$6,114,919
$831,701 |
$9,687,404 |
| 10 |
$17,465,800 |
$6,422,676
$873,290 |
$10,169,834 |
| 11 |
$18,338,716 |
$6,745,655
$916,936 |
$10,676,125 |
| 12 |
$19,255,764 |
$7,084,963
$962,788 |
$11,208,013 |
| 13 |
$20,218,440 |
$7,441,153
$1,010,922 |
$11,766,365 |
| 14 |
$21,229,736 |
$7,815,333
$1,061,487 |
$12,352,916 |
| 15 |
$22,291,148 |
$8,208,055
$1,114,557 |
$12,968,536 |
| 16 |
$23,405,668 |
$8,620,428
$1,170,283 |
$13,614,957 |
| 17 |
$24,575,540 |
$9,053,280
$1,228,777 |
$14,293,483 |
| 18 |
$25,804,504 |
$9,507,997
$1,290,225 |
$15,006,282 |
| 19 |
$27,094,804 |
$9,985,408
$1,354,740 |
$15,754,656 |
| 20 |
$28,449,432 |
$10,486,620
$1,422,472 |
$16,540,340 |
| 21 |
$29,872,128 |
$11,013,018
$1,493,606 |
$17,365,504 |
| 22 |
$31,365,884 |
$11,565,707
$1,568,294 |
$18,231,883 |
| 23 |
$32,933,692 |
$12,145,796
$1,646,685 |
$19,141,211 |
| 24 |
$34,580,788 |
$12,755,222
$1,729,039 |
$20,096,527 |
| 25 |
$36,309,416 |
$13,394,814
$1,815,471 |
$21,099,131 |
| 26 |
$38,125,560 |
$14,066,788
$1,906,278 |
$22,152,494 |
| 27 |
$40,031,464 |
$14,771,972
$2,001,573 |
$23,257,919 |
| 28 |
$42,033,112 |
$15,512,582
$2,101,656 |
$24,418,874 |
| 29 |
$44,134,992 |
$16,290,277
$2,206,750 |
$25,637,965 |
| 30 |
$46,341,592 |
$17,106,719
$2,317,080 |
$26,917,793 |
|
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