The jackpot for the Powerball draw on Wed Aug 12, 2026, is projected to be $975 Million, with an option for a cash payout of $422.3 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 Maryland residents, the state will deduct 8.95% from your lottery earnings.
| Maryland Powerball Jackpot/Cash Option for Wed Aug 12, 2026 |
|---|
| Draw Date | Wed Aug 12, 2026 | | Projected Jackpot | $975,000,000 | | Cash Value | $422,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $422,300,000 | | Federal Tax(24%) | $101,352,000 | | Additional Federal Tax | $54,859,330 | | State Tax(8.95%) | $37,795,850 | | Net Lumpsum Payment | $228,292,820 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,674,725 |
$5,389,979
$1,313,388 |
$7,971,358 |
| 2 |
$15,408,900 |
$5,661,623
$1,379,097 |
$8,368,180 |
| 3 |
$16,179,150 |
$5,946,616
$1,448,034 |
$8,784,500 |
| 4 |
$16,988,400 |
$6,246,038
$1,520,462 |
$9,221,900 |
| 5 |
$17,837,625 |
$6,560,252
$1,596,467 |
$9,680,906 |
| 6 |
$18,729,750 |
$6,890,338
$1,676,313 |
$10,163,099 |
| 7 |
$19,665,750 |
$7,236,658
$1,760,085 |
$10,669,007 |
| 8 |
$20,649,525 |
$7,600,655
$1,848,132 |
$11,200,738 |
| 9 |
$21,682,050 |
$7,982,689
$1,940,543 |
$11,758,818 |
| 10 |
$22,766,250 |
$8,383,843
$2,037,579 |
$12,344,828 |
| 11 |
$23,904,075 |
$8,804,838
$2,139,415 |
$12,959,822 |
| 12 |
$25,099,425 |
$9,247,118
$2,246,399 |
$13,605,908 |
| 13 |
$26,354,250 |
$9,711,403
$2,358,705 |
$14,284,142 |
| 14 |
$27,672,450 |
$10,199,137
$2,476,684 |
$14,996,629 |
| 15 |
$29,055,975 |
$10,711,041
$2,600,510 |
$15,744,424 |
| 16 |
$30,508,725 |
$11,248,559
$2,730,531 |
$16,529,635 |
| 17 |
$32,033,625 |
$11,812,772
$2,867,009 |
$17,353,844 |
| 18 |
$33,635,550 |
$12,405,484
$3,010,382 |
$18,219,684 |
| 19 |
$35,317,425 |
$13,027,778
$3,160,910 |
$19,128,737 |
| 20 |
$37,083,150 |
$13,681,096
$3,318,942 |
$20,083,112 |
| 21 |
$38,937,600 |
$14,367,242
$3,484,915 |
$21,085,443 |
| 22 |
$40,884,675 |
$15,087,660
$3,659,178 |
$22,137,837 |
| 23 |
$42,928,275 |
$15,843,792
$3,842,081 |
$23,242,402 |
| 24 |
$45,075,225 |
$16,638,164
$4,034,233 |
$24,402,828 |
| 25 |
$47,328,450 |
$17,471,857
$4,235,896 |
$25,620,697 |
| 26 |
$49,695,750 |
$18,347,758
$4,447,770 |
$26,900,222 |
| 27 |
$52,180,050 |
$19,266,949
$4,670,114 |
$28,242,987 |
| 28 |
$54,789,150 |
$20,232,316
$4,903,629 |
$29,653,205 |
| 29 |
$57,528,900 |
$21,246,023
$5,148,837 |
$31,134,040 |
| 30 |
$60,405,150 |
$22,310,236
$5,406,261 |
$32,688,653 |
|
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