The jackpot for the Powerball draw on Wed Jun 24, 2026, is projected to be $327 Million, with an option for a cash payout of $148 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 Wed Jun 24, 2026 |
|---|
| Draw Date | Wed Jun 24, 2026 | | Projected Jackpot | $327,000,000 | | Cash Value | $148,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $148,000,000 | | Federal Tax(24%) | $35,520,000 | | Additional Federal Tax | $19,200,330 | | State Tax(5%) | $7,400,000 | | Net Lumpsum Payment | $85,879,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,921,677 |
$1,781,351
$246,084 |
$2,894,242 |
| 2 |
$5,167,908 |
$1,872,456
$258,395 |
$3,037,057 |
| 3 |
$5,426,238 |
$1,968,038
$271,312 |
$3,186,888 |
| 4 |
$5,697,648 |
$2,068,460
$284,882 |
$3,344,306 |
| 5 |
$5,982,465 |
$2,173,842
$299,123 |
$3,509,500 |
| 6 |
$6,281,670 |
$2,284,548
$314,084 |
$3,683,038 |
| 7 |
$6,595,590 |
$2,400,699
$329,780 |
$3,865,111 |
| 8 |
$6,925,533 |
$2,522,778
$346,277 |
$4,056,478 |
| 9 |
$7,271,826 |
$2,650,906
$363,591 |
$4,257,329 |
| 10 |
$7,635,450 |
$2,785,447
$381,773 |
$4,468,230 |
| 11 |
$8,017,059 |
$2,926,642
$400,853 |
$4,689,564 |
| 12 |
$8,417,961 |
$3,074,976
$420,898 |
$4,922,087 |
| 13 |
$8,838,810 |
$3,230,690
$441,941 |
$5,166,179 |
| 14 |
$9,280,914 |
$3,394,269
$464,046 |
$5,422,599 |
| 15 |
$9,744,927 |
$3,565,953
$487,246 |
$5,691,728 |
| 16 |
$10,232,157 |
$3,746,228
$511,608 |
$5,974,321 |
| 17 |
$10,743,585 |
$3,935,457
$537,179 |
$6,270,949 |
| 18 |
$11,280,846 |
$4,134,243
$564,042 |
$6,582,561 |
| 19 |
$11,844,921 |
$4,342,951
$592,246 |
$6,909,724 |
| 20 |
$12,437,118 |
$4,562,064
$621,856 |
$7,253,198 |
| 21 |
$13,059,072 |
$4,792,187
$652,954 |
$7,613,931 |
| 22 |
$13,712,091 |
$5,033,804
$685,605 |
$7,992,682 |
| 23 |
$14,397,483 |
$5,287,399
$719,874 |
$8,390,210 |
| 24 |
$15,117,537 |
$5,553,819
$755,877 |
$8,807,841 |
| 25 |
$15,873,234 |
$5,833,427
$793,662 |
$9,246,145 |
| 26 |
$16,667,190 |
$6,127,191
$833,360 |
$9,706,639 |
| 27 |
$17,500,386 |
$6,435,473
$875,019 |
$10,189,894 |
| 28 |
$18,375,438 |
$6,759,242
$918,772 |
$10,697,424 |
| 29 |
$19,294,308 |
$7,099,224
$964,715 |
$11,230,369 |
| 30 |
$20,258,958 |
$7,456,145
$1,012,948 |
$11,789,865 |
|
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