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 Rhode Island residents, the state will deduct 5.99% from your lottery earnings.
| Rhode Island 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(5.99%) | $25,295,770 | | Net Lumpsum Payment | $240,792,900 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,674,725 |
$5,389,979
$879,016 |
$8,405,730 |
| 2 |
$15,408,900 |
$5,661,623
$922,993 |
$8,824,284 |
| 3 |
$16,179,150 |
$5,946,616
$969,131 |
$9,263,403 |
| 4 |
$16,988,400 |
$6,246,038
$1,017,605 |
$9,724,757 |
| 5 |
$17,837,625 |
$6,560,252
$1,068,474 |
$10,208,899 |
| 6 |
$18,729,750 |
$6,890,338
$1,121,912 |
$10,717,500 |
| 7 |
$19,665,750 |
$7,236,658
$1,177,978 |
$11,251,114 |
| 8 |
$20,649,525 |
$7,600,655
$1,236,907 |
$11,811,963 |
| 9 |
$21,682,050 |
$7,982,689
$1,298,755 |
$12,400,606 |
| 10 |
$22,766,250 |
$8,383,843
$1,363,698 |
$13,018,709 |
| 11 |
$23,904,075 |
$8,804,838
$1,431,854 |
$13,667,383 |
| 12 |
$25,099,425 |
$9,247,118
$1,503,456 |
$14,348,851 |
| 13 |
$26,354,250 |
$9,711,403
$1,578,620 |
$15,064,227 |
| 14 |
$27,672,450 |
$10,199,137
$1,657,580 |
$15,815,733 |
| 15 |
$29,055,975 |
$10,711,041
$1,740,453 |
$16,604,481 |
| 16 |
$30,508,725 |
$11,248,559
$1,827,473 |
$17,432,693 |
| 17 |
$32,033,625 |
$11,812,772
$1,918,814 |
$18,302,039 |
| 18 |
$33,635,550 |
$12,405,484
$2,014,769 |
$19,215,297 |
| 19 |
$35,317,425 |
$13,027,778
$2,115,514 |
$20,174,133 |
| 20 |
$37,083,150 |
$13,681,096
$2,221,281 |
$21,180,773 |
| 21 |
$38,937,600 |
$14,367,242
$2,332,362 |
$22,237,996 |
| 22 |
$40,884,675 |
$15,087,660
$2,448,992 |
$23,348,023 |
| 23 |
$42,928,275 |
$15,843,792
$2,571,404 |
$24,513,079 |
| 24 |
$45,075,225 |
$16,638,164
$2,700,006 |
$25,737,055 |
| 25 |
$47,328,450 |
$17,471,857
$2,834,974 |
$27,021,619 |
| 26 |
$49,695,750 |
$18,347,758
$2,976,775 |
$28,371,217 |
| 27 |
$52,180,050 |
$19,266,949
$3,125,585 |
$29,787,516 |
| 28 |
$54,789,150 |
$20,232,316
$3,281,870 |
$31,274,964 |
| 29 |
$57,528,900 |
$21,246,023
$3,445,981 |
$32,836,896 |
| 30 |
$60,405,150 |
$22,310,236
$3,618,268 |
$34,476,646 |
|
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