The jackpot for the Powerball draw on Sat Mar 21, 2026, is projected to be $120 Million, with an option for a cash payout of $54.6 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 Sat Mar 21, 2026 |
|---|
| Draw Date | Sat Mar 21, 2026 | | Projected Jackpot | $120,000,000 | | Cash Value | $54,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $54,600,000 | | Federal Tax(24%) | $13,104,000 | | Additional Federal Tax | $7,058,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $34,437,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,806,120 |
$628,595
$0 |
$1,177,525 |
| 2 |
$1,896,480 |
$662,028
$0 |
$1,234,452 |
| 3 |
$1,991,280 |
$697,104
$0 |
$1,294,176 |
| 4 |
$2,090,880 |
$733,956
$0 |
$1,356,924 |
| 5 |
$2,195,400 |
$772,628
$0 |
$1,422,772 |
| 6 |
$2,305,200 |
$813,254
$0 |
$1,491,946 |
| 7 |
$2,420,400 |
$855,878
$0 |
$1,564,522 |
| 8 |
$2,541,480 |
$900,678
$0 |
$1,640,802 |
| 9 |
$2,668,560 |
$947,698
$0 |
$1,720,862 |
| 10 |
$2,802,000 |
$997,070
$0 |
$1,804,930 |
| 11 |
$2,942,040 |
$1,048,885
$0 |
$1,893,155 |
| 12 |
$3,089,160 |
$1,103,320
$0 |
$1,985,840 |
| 13 |
$3,243,600 |
$1,160,462
$0 |
$2,083,138 |
| 14 |
$3,405,840 |
$1,220,491
$0 |
$2,185,349 |
| 15 |
$3,576,120 |
$1,283,495
$0 |
$2,292,625 |
| 16 |
$3,754,920 |
$1,349,651
$0 |
$2,405,269 |
| 17 |
$3,942,600 |
$1,419,092
$0 |
$2,523,508 |
| 18 |
$4,139,760 |
$1,492,042
$0 |
$2,647,718 |
| 19 |
$4,346,760 |
$1,568,632
$0 |
$2,778,128 |
| 20 |
$4,564,080 |
$1,649,040
$0 |
$2,915,040 |
| 21 |
$4,792,320 |
$1,733,489
$0 |
$3,058,831 |
| 22 |
$5,031,960 |
$1,822,156
$0 |
$3,209,804 |
| 23 |
$5,283,480 |
$1,915,218
$0 |
$3,368,262 |
| 24 |
$5,547,720 |
$2,012,987
$0 |
$3,534,733 |
| 25 |
$5,825,040 |
$2,115,595
$0 |
$3,709,445 |
| 26 |
$6,116,400 |
$2,223,398
$0 |
$3,893,002 |
| 27 |
$6,422,160 |
$2,336,530
$0 |
$4,085,630 |
| 28 |
$6,743,280 |
$2,455,344
$0 |
$4,287,936 |
| 29 |
$7,080,480 |
$2,580,108
$0 |
$4,500,372 |
| 30 |
$7,434,480 |
$2,711,088
$0 |
$4,723,392 |
|
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