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 those living in Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida 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(0%) | $0 | | Net Lumpsum Payment | $18,624,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$963,264 |
$316,738
$0 |
$646,526 |
| 2 |
$1,011,456 |
$334,569
$0 |
$676,887 |
| 3 |
$1,062,016 |
$353,276
$0 |
$708,740 |
| 4 |
$1,115,136 |
$372,931
$0 |
$742,205 |
| 5 |
$1,170,880 |
$393,556
$0 |
$777,324 |
| 6 |
$1,229,440 |
$415,223
$0 |
$814,217 |
| 7 |
$1,290,880 |
$437,956
$0 |
$852,924 |
| 8 |
$1,355,456 |
$461,849
$0 |
$893,607 |
| 9 |
$1,423,232 |
$486,926
$0 |
$936,306 |
| 10 |
$1,494,400 |
$513,258
$0 |
$981,142 |
| 11 |
$1,569,088 |
$540,893
$0 |
$1,028,195 |
| 12 |
$1,647,552 |
$569,925
$0 |
$1,077,627 |
| 13 |
$1,729,920 |
$600,401
$0 |
$1,129,519 |
| 14 |
$1,816,448 |
$632,416
$0 |
$1,184,032 |
| 15 |
$1,907,264 |
$666,018
$0 |
$1,241,246 |
| 16 |
$2,002,624 |
$701,301
$0 |
$1,301,323 |
| 17 |
$2,102,720 |
$738,337
$0 |
$1,364,383 |
| 18 |
$2,207,872 |
$777,243
$0 |
$1,430,629 |
| 19 |
$2,318,272 |
$818,091
$0 |
$1,500,181 |
| 20 |
$2,434,176 |
$860,976
$0 |
$1,573,200 |
| 21 |
$2,555,904 |
$906,015
$0 |
$1,649,889 |
| 22 |
$2,683,712 |
$953,304
$0 |
$1,730,408 |
| 23 |
$2,817,856 |
$1,002,937
$0 |
$1,814,919 |
| 24 |
$2,958,784 |
$1,055,080
$0 |
$1,903,704 |
| 25 |
$3,106,688 |
$1,109,805
$0 |
$1,996,883 |
| 26 |
$3,262,080 |
$1,167,300
$0 |
$2,094,780 |
| 27 |
$3,425,152 |
$1,227,637
$0 |
$2,197,515 |
| 28 |
$3,596,416 |
$1,291,004
$0 |
$2,305,412 |
| 29 |
$3,776,256 |
$1,357,545
$0 |
$2,418,711 |
| 30 |
$3,965,056 |
$1,427,401
$0 |
$2,537,655 |
|
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