The jackpot for the Powerball draw on Wed Jul 15, 2026, is projected to be $498 Million, with an option for a cash payout of $221 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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio Powerball Jackpot/Cash Option for Wed Jul 15, 2026 |
|---|
| Draw Date | Wed Jul 15, 2026 | | Projected Jackpot | $498,000,000 | | Cash Value | $221,000,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $221,000,000 | | Federal Tax(24%) | $53,040,000 | | Additional Federal Tax | $28,690,330 | | State Tax(3.99%) | $8,817,900 | | Net Lumpsum Payment | $130,451,770 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,495,398 |
$2,733,628
$299,066 |
$4,462,704 |
| 2 |
$7,870,392 |
$2,872,375
$314,029 |
$4,683,988 |
| 3 |
$8,263,812 |
$3,017,941
$329,726 |
$4,916,145 |
| 4 |
$8,677,152 |
$3,170,877
$346,218 |
$5,160,057 |
| 5 |
$9,110,910 |
$3,331,367
$363,525 |
$5,416,018 |
| 6 |
$9,566,580 |
$3,499,965
$381,707 |
$5,684,908 |
| 7 |
$10,044,660 |
$3,676,855
$400,782 |
$5,967,023 |
| 8 |
$10,547,142 |
$3,862,773
$420,831 |
$6,263,538 |
| 9 |
$11,074,524 |
$4,057,904
$441,874 |
$6,574,746 |
| 10 |
$11,628,300 |
$4,262,801
$463,969 |
$6,901,530 |
| 11 |
$12,209,466 |
$4,477,833
$487,158 |
$7,244,475 |
| 12 |
$12,820,014 |
$4,703,736
$511,519 |
$7,604,759 |
| 13 |
$13,460,940 |
$4,940,878
$537,092 |
$7,982,970 |
| 14 |
$14,134,236 |
$5,189,998
$563,956 |
$8,380,282 |
| 15 |
$14,840,898 |
$5,451,463
$592,152 |
$8,797,283 |
| 16 |
$15,582,918 |
$5,726,010
$621,758 |
$9,235,150 |
| 17 |
$16,361,790 |
$6,014,193
$652,835 |
$9,694,762 |
| 18 |
$17,180,004 |
$6,316,932
$685,482 |
$10,177,590 |
| 19 |
$18,039,054 |
$6,634,780
$719,758 |
$10,684,516 |
| 20 |
$18,940,932 |
$6,968,475
$755,743 |
$11,216,714 |
| 21 |
$19,888,128 |
$7,318,938
$793,536 |
$11,775,654 |
| 22 |
$20,882,634 |
$7,686,905
$833,217 |
$12,362,512 |
| 23 |
$21,926,442 |
$8,073,114
$874,865 |
$12,978,463 |
| 24 |
$23,023,038 |
$8,478,854
$918,619 |
$13,625,565 |
| 25 |
$24,173,916 |
$8,904,679
$964,539 |
$14,304,698 |
| 26 |
$25,383,060 |
$9,352,063
$1,012,784 |
$15,018,213 |
| 27 |
$26,651,964 |
$9,821,557
$1,063,413 |
$15,766,994 |
| 28 |
$27,984,612 |
$10,314,637
$1,116,586 |
$16,553,389 |
| 29 |
$29,383,992 |
$10,832,407
$1,172,421 |
$17,379,164 |
| 30 |
$30,853,092 |
$11,375,974
$1,231,038 |
$18,246,080 |
|
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