The jackpot for the Powerball draw on Mon Aug 3, 2026, is projected to be $748 Million, with an option for a cash payout of $325.1 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 California, the bright side is you won't have to pay any state taxes on your lottery prize.
| California Powerball Jackpot/Cash Option for Mon Aug 3, 2026 |
|---|
| Draw Date | Mon Aug 3, 2026 | | Projected Jackpot | $748,000,000 | | Cash Value | $325,100,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $325,100,000 | | Federal Tax(24%) | $78,024,000 | | Additional Federal Tax | $42,223,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $204,852,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$11,258,148 |
$4,125,845
$0 |
$7,132,303 |
| 2 |
$11,821,392 |
$4,334,245
$0 |
$7,487,147 |
| 3 |
$12,412,312 |
$4,552,886
$0 |
$7,859,426 |
| 4 |
$13,033,152 |
$4,782,597
$0 |
$8,250,555 |
| 5 |
$13,684,660 |
$5,023,655
$0 |
$8,661,005 |
| 6 |
$14,369,080 |
$5,276,890
$0 |
$9,092,190 |
| 7 |
$15,087,160 |
$5,542,580
$0 |
$9,544,580 |
| 8 |
$15,841,892 |
$5,821,830
$0 |
$10,020,062 |
| 9 |
$16,634,024 |
$6,114,919
$0 |
$10,519,105 |
| 10 |
$17,465,800 |
$6,422,676
$0 |
$11,043,124 |
| 11 |
$18,338,716 |
$6,745,655
$0 |
$11,593,061 |
| 12 |
$19,255,764 |
$7,084,963
$0 |
$12,170,801 |
| 13 |
$20,218,440 |
$7,441,153
$0 |
$12,777,287 |
| 14 |
$21,229,736 |
$7,815,333
$0 |
$13,414,403 |
| 15 |
$22,291,148 |
$8,208,055
$0 |
$14,083,093 |
| 16 |
$23,405,668 |
$8,620,428
$0 |
$14,785,240 |
| 17 |
$24,575,540 |
$9,053,280
$0 |
$15,522,260 |
| 18 |
$25,804,504 |
$9,507,997
$0 |
$16,296,507 |
| 19 |
$27,094,804 |
$9,985,408
$0 |
$17,109,396 |
| 20 |
$28,449,432 |
$10,486,620
$0 |
$17,962,812 |
| 21 |
$29,872,128 |
$11,013,018
$0 |
$18,859,110 |
| 22 |
$31,365,884 |
$11,565,707
$0 |
$19,800,177 |
| 23 |
$32,933,692 |
$12,145,796
$0 |
$20,787,896 |
| 24 |
$34,580,788 |
$12,755,222
$0 |
$21,825,566 |
| 25 |
$36,309,416 |
$13,394,814
$0 |
$22,914,602 |
| 26 |
$38,125,560 |
$14,066,788
$0 |
$24,058,772 |
| 27 |
$40,031,464 |
$14,771,972
$0 |
$25,259,492 |
| 28 |
$42,033,112 |
$15,512,582
$0 |
$26,520,530 |
| 29 |
$44,134,992 |
$16,290,277
$0 |
$27,844,715 |
| 30 |
$46,341,592 |
$17,106,719
$0 |
$29,234,873 |
|
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