The jackpot for the Powerball draw on Mon Feb 2, 2026, is projected to be $65 Million, with an option for a cash payout of $29.4 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 Mon Feb 2, 2026 |
|---|
| Draw Date | Mon Feb 2, 2026 | | Projected Jackpot | $65,000,000 | | Cash Value | $29,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $29,400,000 | | Federal Tax(24%) | $7,056,000 | | Additional Federal Tax | $3,782,330 | | State Tax(7.25%) | $2,131,500 | | Net Lumpsum Payment | $16,430,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$978,315 |
$322,307
$70,928 |
$585,080 |
| 2 |
$1,027,260 |
$340,417
$74,476 |
$612,367 |
| 3 |
$1,078,610 |
$359,416
$78,199 |
$640,995 |
| 4 |
$1,132,560 |
$379,378
$82,111 |
$671,071 |
| 5 |
$1,189,175 |
$400,325
$86,215 |
$702,635 |
| 6 |
$1,248,650 |
$422,331
$90,527 |
$735,792 |
| 7 |
$1,311,050 |
$445,419
$95,051 |
$770,580 |
| 8 |
$1,376,635 |
$469,685
$99,806 |
$807,144 |
| 9 |
$1,445,470 |
$495,154
$104,797 |
$845,519 |
| 10 |
$1,517,750 |
$521,898
$110,037 |
$885,815 |
| 11 |
$1,593,605 |
$549,964
$115,536 |
$928,105 |
| 12 |
$1,673,295 |
$579,450
$121,314 |
$972,531 |
| 13 |
$1,756,950 |
$610,402
$127,379 |
$1,019,169 |
| 14 |
$1,844,830 |
$642,917
$133,750 |
$1,068,163 |
| 15 |
$1,937,065 |
$677,044
$140,437 |
$1,119,584 |
| 16 |
$2,033,915 |
$712,879
$147,459 |
$1,173,577 |
| 17 |
$2,135,575 |
$750,493
$154,829 |
$1,230,253 |
| 18 |
$2,242,370 |
$790,007
$162,572 |
$1,289,791 |
| 19 |
$2,354,495 |
$831,494
$170,701 |
$1,352,300 |
| 20 |
$2,472,210 |
$875,048
$179,235 |
$1,417,927 |
| 21 |
$2,595,840 |
$920,791
$188,198 |
$1,486,851 |
| 22 |
$2,725,645 |
$968,819
$197,609 |
$1,559,217 |
| 23 |
$2,861,885 |
$1,019,228
$207,487 |
$1,635,170 |
| 24 |
$3,005,015 |
$1,072,186
$217,864 |
$1,714,965 |
| 25 |
$3,155,230 |
$1,127,765
$228,754 |
$1,798,711 |
| 26 |
$3,313,050 |
$1,186,159
$240,196 |
$1,886,695 |
| 27 |
$3,478,670 |
$1,247,438
$252,204 |
$1,979,028 |
| 28 |
$3,652,610 |
$1,311,796
$264,814 |
$2,076,000 |
| 29 |
$3,835,260 |
$1,379,377
$278,056 |
$2,177,827 |
| 30 |
$4,027,010 |
$1,450,324
$291,958 |
$2,284,728 |
|
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