The jackpot for the Powerball draw on Mon Aug 10, 2026, is projected to be $905 Million, with an option for a cash payout of $391.9 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 Florida, the bright side is you won't have to pay any state taxes on your lottery prize.
| Florida Powerball Jackpot/Cash Option for Mon Aug 10, 2026 |
|---|
| Draw Date | Mon Aug 10, 2026 | | Projected Jackpot | $905,000,000 | | Cash Value | $391,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $391,900,000 | | Federal Tax(24%) | $94,056,000 | | Additional Federal Tax | $50,907,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $246,936,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$13,621,155 |
$5,000,158
$0 |
$8,620,997 |
| 2 |
$14,302,620 |
$5,252,300
$0 |
$9,050,320 |
| 3 |
$15,017,570 |
$5,516,831
$0 |
$9,500,739 |
| 4 |
$15,768,720 |
$5,794,757
$0 |
$9,973,963 |
| 5 |
$16,556,975 |
$6,086,411
$0 |
$10,470,564 |
| 6 |
$17,385,050 |
$6,392,799
$0 |
$10,992,251 |
| 7 |
$18,253,850 |
$6,714,255
$0 |
$11,539,595 |
| 8 |
$19,166,995 |
$7,052,119
$0 |
$12,114,876 |
| 9 |
$20,125,390 |
$7,406,725
$0 |
$12,718,665 |
| 10 |
$21,131,750 |
$7,779,078
$0 |
$13,352,672 |
| 11 |
$22,187,885 |
$8,169,848
$0 |
$14,018,037 |
| 12 |
$23,297,415 |
$8,580,374
$0 |
$14,717,041 |
| 13 |
$24,462,150 |
$9,011,326
$0 |
$15,450,824 |
| 14 |
$25,685,710 |
$9,464,043
$0 |
$16,221,667 |
| 15 |
$26,969,905 |
$9,939,195
$0 |
$17,030,710 |
| 16 |
$28,318,355 |
$10,438,122
$0 |
$17,880,233 |
| 17 |
$29,733,775 |
$10,961,827
$0 |
$18,771,948 |
| 18 |
$31,220,690 |
$11,511,986
$0 |
$19,708,704 |
| 19 |
$32,781,815 |
$12,089,602
$0 |
$20,692,213 |
| 20 |
$34,420,770 |
$12,696,015
$0 |
$21,724,755 |
| 21 |
$36,142,080 |
$13,332,900
$0 |
$22,809,180 |
| 22 |
$37,949,365 |
$14,001,595
$0 |
$23,947,770 |
| 23 |
$39,846,245 |
$14,703,441
$0 |
$25,142,804 |
| 24 |
$41,839,055 |
$15,440,781
$0 |
$26,398,274 |
| 25 |
$43,930,510 |
$16,214,619
$0 |
$27,715,891 |
| 26 |
$46,127,850 |
$17,027,635
$0 |
$29,100,215 |
| 27 |
$48,433,790 |
$17,880,833
$0 |
$30,552,957 |
| 28 |
$50,855,570 |
$18,776,891
$0 |
$32,078,679 |
| 29 |
$53,398,620 |
$19,717,820
$0 |
$33,680,800 |
| 30 |
$56,068,370 |
$20,705,627
$0 |
$35,362,743 |
|
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