The jackpot for the Powerball draw on Wed Aug 5, 2026, is projected to be $786 Million, with an option for a cash payout of $341.6 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 Wed Aug 5, 2026 |
|---|
| Draw Date | Wed Aug 5, 2026 | | Projected Jackpot | $786,000,000 | | Cash Value | $341,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $341,600,000 | | Federal Tax(24%) | $81,984,000 | | Additional Federal Tax | $44,368,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $215,247,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$11,830,086 |
$4,337,462
$0 |
$7,492,624 |
| 2 |
$12,421,944 |
$4,556,450
$0 |
$7,865,494 |
| 3 |
$13,042,884 |
$4,786,197
$0 |
$8,256,687 |
| 4 |
$13,695,264 |
$5,027,578
$0 |
$8,667,686 |
| 5 |
$14,379,870 |
$5,280,882
$0 |
$9,098,988 |
| 6 |
$15,099,060 |
$5,546,983
$0 |
$9,552,077 |
| 7 |
$15,853,620 |
$5,826,170
$0 |
$10,027,450 |
| 8 |
$16,646,694 |
$6,119,607
$0 |
$10,527,087 |
| 9 |
$17,479,068 |
$6,427,586
$0 |
$11,051,482 |
| 10 |
$18,353,100 |
$6,750,977
$0 |
$11,602,123 |
| 11 |
$19,270,362 |
$7,090,364
$0 |
$12,179,998 |
| 12 |
$20,233,998 |
$7,446,910
$0 |
$12,787,088 |
| 13 |
$21,245,580 |
$7,821,195
$0 |
$13,424,385 |
| 14 |
$22,308,252 |
$8,214,384
$0 |
$14,093,868 |
| 15 |
$23,423,586 |
$8,627,057
$0 |
$14,796,529 |
| 16 |
$24,594,726 |
$9,060,379
$0 |
$15,534,347 |
| 17 |
$25,824,030 |
$9,515,221
$0 |
$16,308,809 |
| 18 |
$27,115,428 |
$9,993,039
$0 |
$17,122,389 |
| 19 |
$28,471,278 |
$10,494,703
$0 |
$17,976,575 |
| 20 |
$29,894,724 |
$11,021,378
$0 |
$18,873,346 |
| 21 |
$31,389,696 |
$11,574,518
$0 |
$19,815,178 |
| 22 |
$32,959,338 |
$12,155,285
$0 |
$20,804,053 |
| 23 |
$34,606,794 |
$12,764,844
$0 |
$21,841,950 |
| 24 |
$36,337,566 |
$13,405,230
$0 |
$22,932,336 |
| 25 |
$38,154,012 |
$14,077,315
$0 |
$24,076,697 |
| 26 |
$40,062,420 |
$14,783,426
$0 |
$25,278,994 |
| 27 |
$42,065,148 |
$15,524,435
$0 |
$26,540,713 |
| 28 |
$44,168,484 |
$16,302,669
$0 |
$27,865,815 |
| 29 |
$46,377,144 |
$17,119,874
$0 |
$29,257,270 |
| 30 |
$48,695,844 |
$17,977,793
$0 |
$30,718,051 |
|
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