The jackpot for the Powerball draw on Mon Oct 12, 2026, is projected to be $538 Million, with an option for a cash payout of $220.6 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 New Jersey residents, the state will deduct 8% from your lottery earnings.
| New Jersey Powerball Jackpot/Cash Option for Mon Oct 12, 2026 |
|---|
| Draw Date | Mon Oct 12, 2026 | | Projected Jackpot | $538,000,000 | | Cash Value | $220,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $220,600,000 | | Federal Tax(24%) | $52,944,000 | | Additional Federal Tax | $28,638,330 | | State Tax(8%) | $17,648,000 | | Net Lumpsum Payment | $121,369,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,097,438 |
$2,956,382
$647,795 |
$4,493,261 |
| 2 |
$8,502,552 |
$3,106,275
$680,204 |
$4,716,073 |
| 3 |
$8,927,572 |
$3,263,532
$714,206 |
$4,949,834 |
| 4 |
$9,374,112 |
$3,428,752
$749,929 |
$5,195,431 |
| 5 |
$9,842,710 |
$3,602,133
$787,417 |
$5,453,160 |
| 6 |
$10,334,980 |
$3,784,273
$826,798 |
$5,723,909 |
| 7 |
$10,851,460 |
$3,975,371
$868,117 |
$6,007,972 |
| 8 |
$11,394,302 |
$4,176,222
$911,544 |
$6,306,536 |
| 9 |
$11,964,044 |
$4,387,027
$957,124 |
$6,619,893 |
| 10 |
$12,562,300 |
$4,608,381
$1,004,984 |
$6,948,935 |
| 11 |
$13,190,146 |
$4,840,684
$1,055,212 |
$7,294,250 |
| 12 |
$13,849,734 |
$5,084,732
$1,107,979 |
$7,657,023 |
| 13 |
$14,542,140 |
$5,340,922
$1,163,371 |
$8,037,847 |
| 14 |
$15,269,516 |
$5,610,051
$1,221,561 |
$8,437,904 |
| 15 |
$16,032,938 |
$5,892,517
$1,282,635 |
$8,857,786 |
| 16 |
$16,834,558 |
$6,189,117
$1,346,765 |
$9,298,676 |
| 17 |
$17,675,990 |
$6,500,447
$1,414,079 |
$9,761,464 |
| 18 |
$18,559,924 |
$6,827,502
$1,484,794 |
$10,247,628 |
| 19 |
$19,487,974 |
$7,170,881
$1,559,038 |
$10,758,055 |
| 20 |
$20,462,292 |
$7,531,378
$1,636,983 |
$11,293,931 |
| 21 |
$21,485,568 |
$7,909,991
$1,718,845 |
$11,856,732 |
| 22 |
$22,559,954 |
$8,307,513
$1,804,796 |
$12,447,645 |
| 23 |
$23,687,602 |
$8,724,743
$1,895,008 |
$13,067,851 |
| 24 |
$24,872,278 |
$9,163,073
$1,989,782 |
$13,719,423 |
| 25 |
$26,115,596 |
$9,623,101
$2,089,248 |
$14,403,247 |
| 26 |
$27,421,860 |
$10,106,419
$2,193,749 |
$15,121,692 |
| 27 |
$28,792,684 |
$10,613,623
$2,303,415 |
$15,875,646 |
| 28 |
$30,232,372 |
$11,146,308
$2,418,590 |
$16,667,474 |
| 29 |
$31,744,152 |
$11,705,667
$2,539,532 |
$17,498,953 |
| 30 |
$33,331,252 |
$12,292,894
$2,666,500 |
$18,371,858 |
|
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