The jackpot for the Powerball draw on Wed Oct 21, 2026, is projected to be $635 Million, with an option for a cash payout of $267.5 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 New Jersey residents, the state will deduct 8% from your lottery earnings.
| New Jersey Powerball Jackpot/Cash Option for Wed Oct 21, 2026 |
|---|
| Draw Date | Wed Oct 21, 2026 | | Projected Jackpot | $635,000,000 | | Cash Value | $267,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $267,500,000 | | Federal Tax(24%) | $64,200,000 | | Additional Federal Tax | $34,735,330 | | State Tax(8%) | $21,400,000 | | Net Lumpsum Payment | $147,164,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$9,557,385 |
$3,496,563
$764,591 |
$5,296,231 |
| 2 |
$10,035,540 |
$3,673,480
$802,843 |
$5,559,217 |
| 3 |
$10,537,190 |
$3,859,091
$842,975 |
$5,835,124 |
| 4 |
$11,064,240 |
$4,054,099
$885,139 |
$6,125,002 |
| 5 |
$11,617,325 |
$4,258,741
$929,386 |
$6,429,198 |
| 6 |
$12,198,350 |
$4,473,720
$975,868 |
$6,748,762 |
| 7 |
$12,807,950 |
$4,699,272
$1,024,636 |
$7,084,042 |
| 8 |
$13,448,665 |
$4,936,336
$1,075,893 |
$7,436,436 |
| 9 |
$14,121,130 |
$5,185,148
$1,129,690 |
$7,806,292 |
| 10 |
$14,827,250 |
$5,446,413
$1,186,180 |
$8,194,657 |
| 11 |
$15,568,295 |
$5,720,600
$1,245,464 |
$8,602,231 |
| 12 |
$16,346,805 |
$6,008,648
$1,307,744 |
$9,030,413 |
| 13 |
$17,164,050 |
$6,311,029
$1,373,124 |
$9,479,897 |
| 14 |
$18,022,570 |
$6,628,681
$1,441,806 |
$9,952,083 |
| 15 |
$18,923,635 |
$6,962,075
$1,513,891 |
$10,447,669 |
| 16 |
$19,869,785 |
$7,312,151
$1,589,583 |
$10,968,051 |
| 17 |
$20,862,925 |
$7,679,613
$1,669,034 |
$11,514,278 |
| 18 |
$21,906,230 |
$8,065,635
$1,752,498 |
$12,088,097 |
| 19 |
$23,001,605 |
$8,470,924
$1,840,128 |
$12,690,553 |
| 20 |
$24,151,590 |
$8,896,419
$1,932,127 |
$13,323,044 |
| 21 |
$25,359,360 |
$9,343,294
$2,028,749 |
$13,987,317 |
| 22 |
$26,627,455 |
$9,812,489
$2,130,196 |
$14,684,770 |
| 23 |
$27,958,415 |
$10,304,944
$2,236,673 |
$15,416,798 |
| 24 |
$29,356,685 |
$10,822,304
$2,348,535 |
$16,185,846 |
| 25 |
$30,824,170 |
$11,365,273
$2,465,934 |
$16,992,963 |
| 26 |
$32,365,950 |
$11,935,732
$2,589,276 |
$17,840,942 |
| 27 |
$33,983,930 |
$12,534,384
$2,718,714 |
$18,730,832 |
| 28 |
$35,683,190 |
$13,163,111
$2,854,655 |
$19,665,424 |
| 29 |
$37,467,540 |
$13,823,320
$2,997,403 |
$20,646,817 |
| 30 |
$39,340,790 |
$14,516,423
$3,147,263 |
$21,677,104 |
|
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