Connecticut Lottery

CTLottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Oct 24, 2026 is estimated to be $674 Million, with a cash option of 283.9 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Connecticut, your state will take 6.99% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Connecticut Powerball Jackpot/Cash Option for Sat Oct 24, 2026

Draw Date	Jackpot	Cash Option
Sat Oct 24, 2026	$674,000,000	$283,900,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$283,900,000
Federal Tax(24%)	$68,136,000
Additional Federal Tax	$36,867,330
State Tax(6.99%)	$19,844,610
Net Lumpsum Payment	$159,052,060

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$10,144,374	-$3,713,749 -$709,092	$5,721,533
2	$10,651,896	-$3,901,532 -$744,568	$6,005,796
3	$11,184,356	-$4,098,542 -$781,786	$6,304,028
4	$11,743,776	-$4,305,528 -$820,890	$6,617,358
5	$12,330,830	-$4,522,737 -$861,925	$6,946,168
6	$12,947,540	-$4,750,920 -$905,033	$7,291,587
7	$13,594,580	-$4,990,325 -$950,261	$7,653,994
8	$14,274,646	-$5,241,949 -$997,798	$8,034,899
9	$14,988,412	-$5,506,043 -$1,047,690	$8,434,679
10	$15,737,900	-$5,783,353 -$1,100,079	$8,854,468
11	$16,524,458	-$6,074,380 -$1,155,060	$9,295,018
12	$17,350,782	-$6,380,120 -$1,212,820	$9,757,842
13	$18,218,220	-$6,701,072 -$1,273,454	$10,243,694
14	$19,129,468	-$7,038,234 -$1,337,150	$10,754,084
15	$20,085,874	-$7,392,104 -$1,404,003	$11,289,767
16	$21,090,134	-$7,763,680 -$1,474,200	$11,852,254
17	$22,144,270	-$8,153,710 -$1,547,884	$12,442,676
18	$23,251,652	-$8,563,442 -$1,625,290	$13,062,920
19	$24,414,302	-$8,993,622 -$1,706,560	$13,714,120
20	$25,634,916	-$9,445,249 -$1,791,881	$14,397,786
21	$26,916,864	-$9,919,570 -$1,881,489	$15,115,805
22	$28,262,842	-$10,417,582 -$1,975,573	$15,869,687
23	$29,675,546	-$10,940,282 -$2,074,321	$16,660,943
24	$31,159,694	-$11,489,417 -$2,178,063	$17,492,214
25	$32,717,308	-$12,065,734 -$2,286,940	$18,364,634
26	$34,353,780	-$12,671,229 -$2,401,329	$19,281,222
27	$36,071,132	-$13,306,649 -$2,521,372	$20,243,111
28	$37,874,756	-$13,973,990 -$2,647,445	$21,253,321
29	$39,768,696	-$14,674,748 -$2,779,832	$22,314,116
30	$41,756,996	-$15,410,419 -$2,918,814	$23,427,763