The jackpot for the Powerball draw on , is projected to be $, with an option for a cash payout of $. 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 Colorado, the bright side is you won't have to pay any state taxes on your lottery prize.
