The jackpot for the Powerball draw on Sat Aug 1, 2026, is projected to be $707 Million, with an option for a cash payout of $309.7 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 West Virginia residents, the state will deduct 6.5% from your lottery earnings.
| West Virginia Powerball Jackpot/Cash Option for Sat Aug 1, 2026 |
|---|
| Draw Date | Sat Aug 1, 2026 | | Projected Jackpot | $707,000,000 | | Cash Value | $309,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $309,700,000 | | Federal Tax(24%) | $74,328,000 | | Additional Federal Tax | $40,221,330 | | State Tax(6.5%) | $20,130,500 | | Net Lumpsum Payment | $175,020,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,641,057 |
$3,897,521
$691,669 |
$6,051,867 |
| 2 |
$11,173,428 |
$4,094,499
$726,273 |
$6,352,656 |
| 3 |
$11,731,958 |
$4,301,155
$762,577 |
$6,668,226 |
| 4 |
$12,318,768 |
$4,518,275
$800,720 |
$6,999,773 |
| 5 |
$12,934,565 |
$4,746,119
$840,747 |
$7,347,699 |
| 6 |
$13,581,470 |
$4,985,474
$882,796 |
$7,713,200 |
| 7 |
$14,260,190 |
$5,236,601
$926,912 |
$8,096,677 |
| 8 |
$14,973,553 |
$5,500,545
$973,281 |
$8,499,727 |
| 9 |
$15,722,266 |
$5,777,569
$1,021,947 |
$8,922,750 |
| 10 |
$16,508,450 |
$6,068,457
$1,073,049 |
$9,366,944 |
| 11 |
$17,333,519 |
$6,373,732
$1,126,679 |
$9,833,108 |
| 12 |
$18,200,301 |
$6,694,442
$1,183,020 |
$10,322,839 |
| 13 |
$19,110,210 |
$7,031,108
$1,242,164 |
$10,836,938 |
| 14 |
$20,066,074 |
$7,384,778
$1,304,295 |
$11,377,001 |
| 15 |
$21,069,307 |
$7,755,974
$1,369,505 |
$11,943,828 |
| 16 |
$22,122,737 |
$8,145,743
$1,437,978 |
$12,539,016 |
| 17 |
$23,228,485 |
$8,554,870
$1,509,852 |
$13,163,763 |
| 18 |
$24,390,086 |
$8,984,662
$1,585,356 |
$13,820,068 |
| 19 |
$25,609,661 |
$9,435,905
$1,664,628 |
$14,509,128 |
| 20 |
$26,890,038 |
$9,909,644
$1,747,852 |
$15,232,542 |
| 21 |
$28,234,752 |
$10,407,189
$1,835,259 |
$15,992,304 |
| 22 |
$29,646,631 |
$10,929,584
$1,927,031 |
$16,790,016 |
| 23 |
$31,128,503 |
$11,477,876
$2,023,353 |
$17,627,274 |
| 24 |
$32,685,317 |
$12,053,898
$2,124,546 |
$18,506,873 |
| 25 |
$34,319,194 |
$12,658,432
$2,230,748 |
$19,430,014 |
| 26 |
$36,035,790 |
$13,293,573
$2,342,326 |
$20,399,891 |
| 27 |
$37,837,226 |
$13,960,104
$2,459,420 |
$21,417,702 |
| 28 |
$39,729,158 |
$14,660,119
$2,582,395 |
$22,486,644 |
| 29 |
$41,715,828 |
$15,395,187
$2,711,529 |
$23,609,112 |
| 30 |
$43,801,478 |
$16,166,877
$2,847,096 |
$24,787,505 |
|
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