The jackpot for the Powerball draw on Wed Jul 1, 2026, is projected to be $375 Million, with an option for a cash payout of $170.6 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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia Powerball Jackpot/Cash Option for Wed Jul 1, 2026 |
|---|
| Draw Date | Wed Jul 1, 2026 | | Projected Jackpot | $375,000,000 | | Cash Value | $170,600,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $170,600,000 | | Federal Tax(24%) | $40,944,000 | | Additional Federal Tax | $22,138,330 | | State Tax(4%) | $6,824,000 | | Net Lumpsum Payment | $100,693,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$5,644,125 |
$2,048,657
$225,765 |
$3,369,703 |
| 2 |
$5,926,500 |
$2,153,135
$237,060 |
$3,536,305 |
| 3 |
$6,222,750 |
$2,262,748
$248,910 |
$3,711,092 |
| 4 |
$6,534,000 |
$2,377,910
$261,360 |
$3,894,730 |
| 5 |
$6,860,625 |
$2,498,762
$274,425 |
$4,087,438 |
| 6 |
$7,203,750 |
$2,625,718
$288,150 |
$4,289,882 |
| 7 |
$7,563,750 |
$2,758,918
$302,550 |
$4,502,282 |
| 8 |
$7,942,125 |
$2,898,917
$317,685 |
$4,725,523 |
| 9 |
$8,339,250 |
$3,045,853
$333,570 |
$4,959,827 |
| 10 |
$8,756,250 |
$3,200,143
$350,250 |
$5,205,857 |
| 11 |
$9,193,875 |
$3,362,064
$367,755 |
$5,464,056 |
| 12 |
$9,653,625 |
$3,532,172
$386,145 |
$5,735,308 |
| 13 |
$10,136,250 |
$3,710,743
$405,450 |
$6,020,057 |
| 14 |
$10,643,250 |
$3,898,333
$425,730 |
$6,319,187 |
| 15 |
$11,175,375 |
$4,095,219
$447,015 |
$6,633,141 |
| 16 |
$11,734,125 |
$4,301,957
$469,365 |
$6,962,803 |
| 17 |
$12,320,625 |
$4,518,962
$492,825 |
$7,308,838 |
| 18 |
$12,936,750 |
$4,746,928
$517,470 |
$7,672,352 |
| 19 |
$13,583,625 |
$4,986,272
$543,345 |
$8,054,008 |
| 20 |
$14,262,750 |
$5,237,548
$570,510 |
$8,454,692 |
| 21 |
$14,976,000 |
$5,501,450
$599,040 |
$8,875,510 |
| 22 |
$15,724,875 |
$5,778,534
$628,995 |
$9,317,346 |
| 23 |
$16,510,875 |
$6,069,354
$660,435 |
$9,781,086 |
| 24 |
$17,336,625 |
$6,374,882
$693,465 |
$10,268,278 |
| 25 |
$18,203,250 |
$6,695,533
$728,130 |
$10,779,587 |
| 26 |
$19,113,750 |
$7,032,418
$764,550 |
$11,316,782 |
| 27 |
$20,069,250 |
$7,385,953
$802,770 |
$11,880,527 |
| 28 |
$21,072,750 |
$7,757,248
$842,910 |
$12,472,592 |
| 29 |
$22,126,500 |
$8,147,135
$885,060 |
$13,094,305 |
| 30 |
$23,232,750 |
$8,556,448
$929,310 |
$13,746,992 |
|
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