The jackpot for the Powerball draw on Mon Jun 8, 2026, is projected to be $225 Million, with an option for a cash payout of $100.3 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 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 Mon Jun 8, 2026 |
|---|
| Draw Date | Mon Jun 8, 2026 | | Projected Jackpot | $225,000,000 | | Cash Value | $100,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $100,300,000 | | Federal Tax(24%) | $24,072,000 | | Additional Federal Tax | $12,999,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $63,228,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,386,475 |
$1,213,326
$0 |
$2,173,149 |
| 2 |
$3,555,900 |
$1,276,013
$0 |
$2,279,887 |
| 3 |
$3,733,650 |
$1,341,781
$0 |
$2,391,869 |
| 4 |
$3,920,400 |
$1,410,878
$0 |
$2,509,522 |
| 5 |
$4,116,375 |
$1,483,389
$0 |
$2,632,986 |
| 6 |
$4,322,250 |
$1,559,563
$0 |
$2,762,687 |
| 7 |
$4,538,250 |
$1,639,483
$0 |
$2,898,767 |
| 8 |
$4,765,275 |
$1,723,482
$0 |
$3,041,793 |
| 9 |
$5,003,550 |
$1,811,644
$0 |
$3,191,906 |
| 10 |
$5,253,750 |
$1,904,218
$0 |
$3,349,532 |
| 11 |
$5,516,325 |
$2,001,371
$0 |
$3,514,954 |
| 12 |
$5,792,175 |
$2,103,435
$0 |
$3,688,740 |
| 13 |
$6,081,750 |
$2,210,578
$0 |
$3,871,172 |
| 14 |
$6,385,950 |
$2,323,132
$0 |
$4,062,818 |
| 15 |
$6,705,225 |
$2,441,264
$0 |
$4,263,961 |
| 16 |
$7,040,475 |
$2,565,306
$0 |
$4,475,169 |
| 17 |
$7,392,375 |
$2,695,509
$0 |
$4,696,866 |
| 18 |
$7,762,050 |
$2,832,289
$0 |
$4,929,761 |
| 19 |
$8,150,175 |
$2,975,895
$0 |
$5,174,280 |
| 20 |
$8,557,650 |
$3,126,661
$0 |
$5,430,989 |
| 21 |
$8,985,600 |
$3,285,002
$0 |
$5,700,598 |
| 22 |
$9,434,925 |
$3,451,253
$0 |
$5,983,672 |
| 23 |
$9,906,525 |
$3,625,745
$0 |
$6,280,780 |
| 24 |
$10,401,975 |
$3,809,061
$0 |
$6,592,914 |
| 25 |
$10,921,950 |
$4,001,452
$0 |
$6,920,498 |
| 26 |
$11,468,250 |
$4,203,583
$0 |
$7,264,667 |
| 27 |
$12,041,550 |
$4,415,704
$0 |
$7,625,846 |
| 28 |
$12,643,650 |
$4,638,481
$0 |
$8,005,169 |
| 29 |
$13,275,900 |
$4,872,413
$0 |
$8,403,487 |
| 30 |
$13,939,650 |
$5,118,001
$0 |
$8,821,649 |
|
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