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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $16,892,000 | | Net Lumpsum Payment | $249,196,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,674,725 |
$5,389,979
$586,989 |
$8,697,757 |
| 2 |
$15,408,900 |
$5,661,623
$616,356 |
$9,130,921 |
| 3 |
$16,179,150 |
$5,946,616
$647,166 |
$9,585,368 |
| 4 |
$16,988,400 |
$6,246,038
$679,536 |
$10,062,826 |
| 5 |
$17,837,625 |
$6,560,252
$713,505 |
$10,563,868 |
| 6 |
$18,729,750 |
$6,890,338
$749,190 |
$11,090,222 |
| 7 |
$19,665,750 |
$7,236,658
$786,630 |
$11,642,462 |
| 8 |
$20,649,525 |
$7,600,655
$825,981 |
$12,222,889 |
| 9 |
$21,682,050 |
$7,982,689
$867,282 |
$12,832,079 |
| 10 |
$22,766,250 |
$8,383,843
$910,650 |
$13,471,757 |
| 11 |
$23,904,075 |
$8,804,838
$956,163 |
$14,143,074 |
| 12 |
$25,099,425 |
$9,247,118
$1,003,977 |
$14,848,330 |
| 13 |
$26,354,250 |
$9,711,403
$1,054,170 |
$15,588,677 |
| 14 |
$27,672,450 |
$10,199,137
$1,106,898 |
$16,366,415 |
| 15 |
$29,055,975 |
$10,711,041
$1,162,239 |
$17,182,695 |
| 16 |
$30,508,725 |
$11,248,559
$1,220,349 |
$18,039,817 |
| 17 |
$32,033,625 |
$11,812,772
$1,281,345 |
$18,939,508 |
| 18 |
$33,635,550 |
$12,405,484
$1,345,422 |
$19,884,644 |
| 19 |
$35,317,425 |
$13,027,778
$1,412,697 |
$20,876,950 |
| 20 |
$37,083,150 |
$13,681,096
$1,483,326 |
$21,918,728 |
| 21 |
$38,937,600 |
$14,367,242
$1,557,504 |
$23,012,854 |
| 22 |
$40,884,675 |
$15,087,660
$1,635,387 |
$24,161,628 |
| 23 |
$42,928,275 |
$15,843,792
$1,717,131 |
$25,367,352 |
| 24 |
$45,075,225 |
$16,638,164
$1,803,009 |
$26,634,052 |
| 25 |
$47,328,450 |
$17,471,857
$1,893,138 |
$27,963,455 |
| 26 |
$49,695,750 |
$18,347,758
$1,987,830 |
$29,360,162 |
| 27 |
$52,180,050 |
$19,266,949
$2,087,202 |
$30,825,899 |
| 28 |
$54,789,150 |
$20,232,316
$2,191,566 |
$32,365,268 |
| 29 |
$57,528,900 |
$21,246,023
$2,301,156 |
$33,981,721 |
| 30 |
$60,405,150 |
$22,310,236
$2,416,206 |
$35,678,708 |
|
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