The jackpot for the Powerball draw on Wed Aug 26, 2026, is projected to be $96 Million, with an option for a cash payout of $41.2 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 Tennessee, the bright side is you won't have to pay any state taxes on your lottery prize.
| Tennessee Powerball Jackpot/Cash Option for Wed Aug 26, 2026 |
|---|
| Draw Date | Wed Aug 26, 2026 | | Projected Jackpot | $96,000,000 | | Cash Value | $41,200,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,200,000 | | Federal Tax(24%) | $9,888,000 | | Additional Federal Tax | $5,316,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $25,995,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,444,896 |
$494,942
$0 |
$949,954 |
| 2 |
$1,517,184 |
$521,688
$0 |
$995,496 |
| 3 |
$1,593,024 |
$549,749
$0 |
$1,043,275 |
| 4 |
$1,672,704 |
$579,231
$0 |
$1,093,473 |
| 5 |
$1,756,320 |
$610,169
$0 |
$1,146,151 |
| 6 |
$1,844,160 |
$642,670
$0 |
$1,201,490 |
| 7 |
$1,936,320 |
$676,769
$0 |
$1,259,551 |
| 8 |
$2,033,184 |
$712,608
$0 |
$1,320,576 |
| 9 |
$2,134,848 |
$750,224
$0 |
$1,384,624 |
| 10 |
$2,241,600 |
$789,722
$0 |
$1,451,878 |
| 11 |
$2,353,632 |
$831,174
$0 |
$1,522,458 |
| 12 |
$2,471,328 |
$874,722
$0 |
$1,596,606 |
| 13 |
$2,594,880 |
$920,436
$0 |
$1,674,444 |
| 14 |
$2,724,672 |
$968,459
$0 |
$1,756,213 |
| 15 |
$2,860,896 |
$1,018,862
$0 |
$1,842,034 |
| 16 |
$3,003,936 |
$1,071,787
$0 |
$1,932,149 |
| 17 |
$3,154,080 |
$1,127,340
$0 |
$2,026,740 |
| 18 |
$3,311,808 |
$1,185,699
$0 |
$2,126,109 |
| 19 |
$3,477,408 |
$1,246,971
$0 |
$2,230,437 |
| 20 |
$3,651,264 |
$1,311,298
$0 |
$2,339,966 |
| 21 |
$3,833,856 |
$1,378,857
$0 |
$2,454,999 |
| 22 |
$4,025,568 |
$1,449,791
$0 |
$2,575,777 |
| 23 |
$4,226,784 |
$1,524,240
$0 |
$2,702,544 |
| 24 |
$4,438,176 |
$1,602,456
$0 |
$2,835,720 |
| 25 |
$4,660,032 |
$1,684,542
$0 |
$2,975,490 |
| 26 |
$4,893,120 |
$1,770,785
$0 |
$3,122,335 |
| 27 |
$5,137,728 |
$1,861,290
$0 |
$3,276,438 |
| 28 |
$5,394,624 |
$1,956,341
$0 |
$3,438,283 |
| 29 |
$5,664,384 |
$2,056,152
$0 |
$3,608,232 |
| 30 |
$5,947,584 |
$2,160,936
$0 |
$3,786,648 |
|
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