The jackpot for the Powerball draw on Wed Jul 23, 2025, is projected to be $325 Million, with an option for a cash payout of $145.3 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 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 23, 2025 |
|---|
| Draw Date | Wed Jul 23, 2025 | | Projected Jackpot | $325,000,000 | | Cash Value | $145,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $145,300,000 | | Federal Tax(24%) | $34,872,000 | | Additional Federal Tax | $18,849,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $91,578,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,891,575 |
$1,770,213
$0 |
$3,121,362 |
| 2 |
$5,136,300 |
$1,860,761
$0 |
$3,275,539 |
| 3 |
$5,393,050 |
$1,955,759
$0 |
$3,437,291 |
| 4 |
$5,662,800 |
$2,055,566
$0 |
$3,607,234 |
| 5 |
$5,945,875 |
$2,160,304
$0 |
$3,785,571 |
| 6 |
$6,243,250 |
$2,270,333
$0 |
$3,972,917 |
| 7 |
$6,555,250 |
$2,385,773
$0 |
$4,169,477 |
| 8 |
$6,883,175 |
$2,507,105
$0 |
$4,376,070 |
| 9 |
$7,227,350 |
$2,634,450
$0 |
$4,592,900 |
| 10 |
$7,588,750 |
$2,768,168
$0 |
$4,820,582 |
| 11 |
$7,968,025 |
$2,908,500
$0 |
$5,059,525 |
| 12 |
$8,366,475 |
$3,055,926
$0 |
$5,310,549 |
| 13 |
$8,784,750 |
$3,210,688
$0 |
$5,574,062 |
| 14 |
$9,224,150 |
$3,373,266
$0 |
$5,850,884 |
| 15 |
$9,685,325 |
$3,543,901
$0 |
$6,141,424 |
| 16 |
$10,169,575 |
$3,723,073
$0 |
$6,446,502 |
| 17 |
$10,677,875 |
$3,911,144
$0 |
$6,766,731 |
| 18 |
$11,211,850 |
$4,108,715
$0 |
$7,103,135 |
| 19 |
$11,772,475 |
$4,316,146
$0 |
$7,456,329 |
| 20 |
$12,361,050 |
$4,533,919
$0 |
$7,827,131 |
| 21 |
$12,979,200 |
$4,762,634
$0 |
$8,216,566 |
| 22 |
$13,628,225 |
$5,002,774
$0 |
$8,625,451 |
| 23 |
$14,309,425 |
$5,254,818
$0 |
$9,054,607 |
| 24 |
$15,025,075 |
$5,519,608
$0 |
$9,505,467 |
| 25 |
$15,776,150 |
$5,797,506
$0 |
$9,978,644 |
| 26 |
$16,565,250 |
$6,089,473
$0 |
$10,475,777 |
| 27 |
$17,393,350 |
$6,395,870
$0 |
$10,997,480 |
| 28 |
$18,263,050 |
$6,717,659
$0 |
$11,545,391 |
| 29 |
$19,176,300 |
$7,055,561
$0 |
$12,120,739 |
| 30 |
$20,135,050 |
$7,410,299
$0 |
$12,724,751 |
|
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