The jackpot for the Powerball draw on Sat Mar 21, 2026, is projected to be $120 Million, with an option for a cash payout of $54.6 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 Iowa residents, the state will deduct 5% from your lottery earnings.
| Iowa Powerball Jackpot/Cash Option for Sat Mar 21, 2026 |
|---|
| Draw Date | Sat Mar 21, 2026 | | Projected Jackpot | $120,000,000 | | Cash Value | $54,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,600,000 | | Federal Tax(24%) | $13,104,000 | | Additional Federal Tax | $7,058,330 | | State Tax(5%) | $2,730,000 | | Net Lumpsum Payment | $31,707,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,806,120 |
$628,595
$90,306 |
$1,087,219 |
| 2 |
$1,896,480 |
$662,028
$94,824 |
$1,139,628 |
| 3 |
$1,991,280 |
$697,104
$99,564 |
$1,194,612 |
| 4 |
$2,090,880 |
$733,956
$104,544 |
$1,252,380 |
| 5 |
$2,195,400 |
$772,628
$109,770 |
$1,313,002 |
| 6 |
$2,305,200 |
$813,254
$115,260 |
$1,376,686 |
| 7 |
$2,420,400 |
$855,878
$121,020 |
$1,443,502 |
| 8 |
$2,541,480 |
$900,678
$127,074 |
$1,513,728 |
| 9 |
$2,668,560 |
$947,698
$133,428 |
$1,587,434 |
| 10 |
$2,802,000 |
$997,070
$140,100 |
$1,664,830 |
| 11 |
$2,942,040 |
$1,048,885
$147,102 |
$1,746,053 |
| 12 |
$3,089,160 |
$1,103,320
$154,458 |
$1,831,382 |
| 13 |
$3,243,600 |
$1,160,462
$162,180 |
$1,920,958 |
| 14 |
$3,405,840 |
$1,220,491
$170,292 |
$2,015,057 |
| 15 |
$3,576,120 |
$1,283,495
$178,806 |
$2,113,819 |
| 16 |
$3,754,920 |
$1,349,651
$187,746 |
$2,217,523 |
| 17 |
$3,942,600 |
$1,419,092
$197,130 |
$2,326,378 |
| 18 |
$4,139,760 |
$1,492,042
$206,988 |
$2,440,730 |
| 19 |
$4,346,760 |
$1,568,632
$217,338 |
$2,560,790 |
| 20 |
$4,564,080 |
$1,649,040
$228,204 |
$2,686,836 |
| 21 |
$4,792,320 |
$1,733,489
$239,616 |
$2,819,215 |
| 22 |
$5,031,960 |
$1,822,156
$251,598 |
$2,958,206 |
| 23 |
$5,283,480 |
$1,915,218
$264,174 |
$3,104,088 |
| 24 |
$5,547,720 |
$2,012,987
$277,386 |
$3,257,347 |
| 25 |
$5,825,040 |
$2,115,595
$291,252 |
$3,418,193 |
| 26 |
$6,116,400 |
$2,223,398
$305,820 |
$3,587,182 |
| 27 |
$6,422,160 |
$2,336,530
$321,108 |
$3,764,522 |
| 28 |
$6,743,280 |
$2,455,344
$337,164 |
$3,950,772 |
| 29 |
$7,080,480 |
$2,580,108
$354,024 |
$4,146,348 |
| 30 |
$7,434,480 |
$2,711,088
$371,724 |
$4,351,668 |
|
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