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 Minnesota residents, the state will deduct 7.25% from your lottery earnings.
| Minnesota 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(7.25%) | $23,569,750 | | Net Lumpsum Payment | $181,282,920 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$11,258,148 |
$4,125,845
$816,216 |
$6,316,087 |
| 2 |
$11,821,392 |
$4,334,245
$857,051 |
$6,630,096 |
| 3 |
$12,412,312 |
$4,552,886
$899,893 |
$6,959,533 |
| 4 |
$13,033,152 |
$4,782,597
$944,904 |
$7,305,651 |
| 5 |
$13,684,660 |
$5,023,655
$992,138 |
$7,668,867 |
| 6 |
$14,369,080 |
$5,276,890
$1,041,758 |
$8,050,432 |
| 7 |
$15,087,160 |
$5,542,580
$1,093,819 |
$8,450,761 |
| 8 |
$15,841,892 |
$5,821,830
$1,148,537 |
$8,871,525 |
| 9 |
$16,634,024 |
$6,114,919
$1,205,967 |
$9,313,138 |
| 10 |
$17,465,800 |
$6,422,676
$1,266,271 |
$9,776,853 |
| 11 |
$18,338,716 |
$6,745,655
$1,329,557 |
$10,263,504 |
| 12 |
$19,255,764 |
$7,084,963
$1,396,043 |
$10,774,758 |
| 13 |
$20,218,440 |
$7,441,153
$1,465,837 |
$11,311,450 |
| 14 |
$21,229,736 |
$7,815,333
$1,539,156 |
$11,875,247 |
| 15 |
$22,291,148 |
$8,208,055
$1,616,108 |
$12,466,985 |
| 16 |
$23,405,668 |
$8,620,428
$1,696,911 |
$13,088,329 |
| 17 |
$24,575,540 |
$9,053,280
$1,781,727 |
$13,740,533 |
| 18 |
$25,804,504 |
$9,507,997
$1,870,827 |
$14,425,680 |
| 19 |
$27,094,804 |
$9,985,408
$1,964,373 |
$15,145,023 |
| 20 |
$28,449,432 |
$10,486,620
$2,062,584 |
$15,900,228 |
| 21 |
$29,872,128 |
$11,013,018
$2,165,729 |
$16,693,381 |
| 22 |
$31,365,884 |
$11,565,707
$2,274,027 |
$17,526,150 |
| 23 |
$32,933,692 |
$12,145,796
$2,387,693 |
$18,400,203 |
| 24 |
$34,580,788 |
$12,755,222
$2,507,107 |
$19,318,459 |
| 25 |
$36,309,416 |
$13,394,814
$2,632,433 |
$20,282,169 |
| 26 |
$38,125,560 |
$14,066,788
$2,764,103 |
$21,294,669 |
| 27 |
$40,031,464 |
$14,771,972
$2,902,281 |
$22,357,211 |
| 28 |
$42,033,112 |
$15,512,582
$3,047,401 |
$23,473,129 |
| 29 |
$44,134,992 |
$16,290,277
$3,199,787 |
$24,644,928 |
| 30 |
$46,341,592 |
$17,106,719
$3,359,765 |
$25,875,108 |
|
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