The jackpot for the Powerball draw on Wed Oct 21, 2026, is projected to be $635 Million, with an option for a cash payout of $267.5 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 those living in Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee Powerball Jackpot/Cash Option for Wed Oct 21, 2026 |
|---|
| Draw Date | Wed Oct 21, 2026 | | Projected Jackpot | $635,000,000 | | Cash Value | $267,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $267,500,000 | | Federal Tax(24%) | $64,200,000 | | Additional Federal Tax | $34,735,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $168,564,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$9,557,385 |
$3,496,563
$0 |
$6,060,822 |
| 2 |
$10,035,540 |
$3,673,480
$0 |
$6,362,060 |
| 3 |
$10,537,190 |
$3,859,091
$0 |
$6,678,099 |
| 4 |
$11,064,240 |
$4,054,099
$0 |
$7,010,141 |
| 5 |
$11,617,325 |
$4,258,741
$0 |
$7,358,584 |
| 6 |
$12,198,350 |
$4,473,720
$0 |
$7,724,630 |
| 7 |
$12,807,950 |
$4,699,272
$0 |
$8,108,678 |
| 8 |
$13,448,665 |
$4,936,336
$0 |
$8,512,329 |
| 9 |
$14,121,130 |
$5,185,148
$0 |
$8,935,982 |
| 10 |
$14,827,250 |
$5,446,413
$0 |
$9,380,837 |
| 11 |
$15,568,295 |
$5,720,600
$0 |
$9,847,695 |
| 12 |
$16,346,805 |
$6,008,648
$0 |
$10,338,157 |
| 13 |
$17,164,050 |
$6,311,029
$0 |
$10,853,021 |
| 14 |
$18,022,570 |
$6,628,681
$0 |
$11,393,889 |
| 15 |
$18,923,635 |
$6,962,075
$0 |
$11,961,560 |
| 16 |
$19,869,785 |
$7,312,151
$0 |
$12,557,634 |
| 17 |
$20,862,925 |
$7,679,613
$0 |
$13,183,312 |
| 18 |
$21,906,230 |
$8,065,635
$0 |
$13,840,595 |
| 19 |
$23,001,605 |
$8,470,924
$0 |
$14,530,681 |
| 20 |
$24,151,590 |
$8,896,419
$0 |
$15,255,171 |
| 21 |
$25,359,360 |
$9,343,294
$0 |
$16,016,066 |
| 22 |
$26,627,455 |
$9,812,489
$0 |
$16,814,966 |
| 23 |
$27,958,415 |
$10,304,944
$0 |
$17,653,471 |
| 24 |
$29,356,685 |
$10,822,304
$0 |
$18,534,381 |
| 25 |
$30,824,170 |
$11,365,273
$0 |
$19,458,897 |
| 26 |
$32,365,950 |
$11,935,732
$0 |
$20,430,218 |
| 27 |
$33,983,930 |
$12,534,384
$0 |
$21,449,546 |
| 28 |
$35,683,190 |
$13,163,111
$0 |
$22,520,079 |
| 29 |
$37,467,540 |
$13,823,320
$0 |
$23,644,220 |
| 30 |
$39,340,790 |
$14,516,423
$0 |
$24,824,367 |
|
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