The jackpot for the Powerball draw on Wed Jul 22, 2026, is projected to be $567 Million, with an option for a cash payout of $251.8 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 Texas, the bright side is you won't have to pay any state taxes on your lottery prize.
| Texas Powerball Jackpot/Cash Option for Wed Jul 22, 2026 |
|---|
| Draw Date | Wed Jul 22, 2026 | | Projected Jackpot | $567,000,000 | | Cash Value | $251,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $251,800,000 | | Federal Tax(24%) | $60,432,000 | | Additional Federal Tax | $32,694,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $158,673,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$8,533,917 |
$3,117,880
$0 |
$5,416,037 |
| 2 |
$8,960,868 |
$3,275,852
$0 |
$5,685,016 |
| 3 |
$9,408,798 |
$3,441,586
$0 |
$5,967,212 |
| 4 |
$9,879,408 |
$3,615,711
$0 |
$6,263,697 |
| 5 |
$10,373,265 |
$3,798,438
$0 |
$6,574,827 |
| 6 |
$10,892,070 |
$3,990,396
$0 |
$6,901,674 |
| 7 |
$11,436,390 |
$4,191,795
$0 |
$7,244,595 |
| 8 |
$12,008,493 |
$4,403,473
$0 |
$7,605,020 |
| 9 |
$12,608,946 |
$4,625,640
$0 |
$7,983,306 |
| 10 |
$13,239,450 |
$4,858,927
$0 |
$8,380,523 |
| 11 |
$13,901,139 |
$5,103,752
$0 |
$8,797,387 |
| 12 |
$14,596,281 |
$5,360,954
$0 |
$9,235,327 |
| 13 |
$15,326,010 |
$5,630,954
$0 |
$9,695,056 |
| 14 |
$16,092,594 |
$5,914,590
$0 |
$10,178,004 |
| 15 |
$16,897,167 |
$6,212,282
$0 |
$10,684,885 |
| 16 |
$17,741,997 |
$6,524,869
$0 |
$11,217,128 |
| 17 |
$18,628,785 |
$6,852,981
$0 |
$11,775,804 |
| 18 |
$19,560,366 |
$7,197,666
$0 |
$12,362,700 |
| 19 |
$20,538,441 |
$7,559,554
$0 |
$12,978,887 |
| 20 |
$21,565,278 |
$7,939,483
$0 |
$13,625,795 |
| 21 |
$22,643,712 |
$8,338,504
$0 |
$14,305,208 |
| 22 |
$23,776,011 |
$8,757,454
$0 |
$15,018,557 |
| 23 |
$24,964,443 |
$9,197,174
$0 |
$15,767,269 |
| 24 |
$26,212,977 |
$9,659,132
$0 |
$16,553,845 |
| 25 |
$27,523,314 |
$10,143,957
$0 |
$17,379,357 |
| 26 |
$28,899,990 |
$10,653,327
$0 |
$18,246,663 |
| 27 |
$30,344,706 |
$11,187,872
$0 |
$19,156,834 |
| 28 |
$31,861,998 |
$11,749,270
$0 |
$20,112,728 |
| 29 |
$33,455,268 |
$12,338,780
$0 |
$21,116,488 |
| 30 |
$35,127,918 |
$12,957,660
$0 |
$22,170,258 |
|
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