The jackpot for the Powerball draw on Wed Jul 29, 2026, is projected to be $663 Million, with an option for a cash payout of $290.4 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 29, 2026 |
|---|
| Draw Date | Wed Jul 29, 2026 | | Projected Jackpot | $663,000,000 | | Cash Value | $290,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $290,400,000 | | Federal Tax(24%) | $69,696,000 | | Additional Federal Tax | $37,712,330 | | State Tax(4%) | $11,616,000 | | Net Lumpsum Payment | $171,375,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$9,978,813 |
$3,652,491
$399,153 |
$5,927,169 |
| 2 |
$10,478,052 |
$3,837,210
$419,122 |
$6,221,720 |
| 3 |
$11,001,822 |
$4,031,005
$440,073 |
$6,530,744 |
| 4 |
$11,552,112 |
$4,234,612
$462,084 |
$6,855,416 |
| 5 |
$12,129,585 |
$4,448,277
$485,183 |
$7,196,125 |
| 6 |
$12,736,230 |
$4,672,735
$509,449 |
$7,554,046 |
| 7 |
$13,372,710 |
$4,908,233
$534,908 |
$7,929,569 |
| 8 |
$14,041,677 |
$5,155,751
$561,667 |
$8,324,259 |
| 9 |
$14,743,794 |
$5,415,534
$589,752 |
$8,738,508 |
| 10 |
$15,481,050 |
$5,688,319
$619,242 |
$9,173,489 |
| 11 |
$16,254,771 |
$5,974,596
$650,191 |
$9,629,984 |
| 12 |
$17,067,609 |
$6,275,346
$682,704 |
$10,109,559 |
| 13 |
$17,920,890 |
$6,591,060
$716,836 |
$10,612,994 |
| 14 |
$18,817,266 |
$6,922,719
$752,691 |
$11,141,856 |
| 15 |
$19,758,063 |
$7,270,814
$790,323 |
$11,696,926 |
| 16 |
$20,745,933 |
$7,636,326
$829,837 |
$12,279,770 |
| 17 |
$21,782,865 |
$8,019,990
$871,315 |
$12,891,560 |
| 18 |
$22,872,174 |
$8,423,035
$914,887 |
$13,534,252 |
| 19 |
$24,015,849 |
$8,846,195
$960,634 |
$14,209,020 |
| 20 |
$25,216,542 |
$9,290,451
$1,008,662 |
$14,917,429 |
| 21 |
$26,477,568 |
$9,757,031
$1,059,103 |
$15,661,434 |
| 22 |
$27,801,579 |
$10,246,915
$1,112,063 |
$16,442,601 |
| 23 |
$29,191,227 |
$10,761,084
$1,167,649 |
$17,262,494 |
| 24 |
$30,651,153 |
$11,301,257
$1,226,046 |
$18,123,850 |
| 25 |
$32,183,346 |
$11,868,168
$1,287,334 |
$19,027,844 |
| 26 |
$33,793,110 |
$12,463,781
$1,351,724 |
$19,977,605 |
| 27 |
$35,482,434 |
$13,088,831
$1,419,297 |
$20,974,306 |
| 28 |
$37,256,622 |
$13,745,281
$1,490,265 |
$22,021,076 |
| 29 |
$39,119,652 |
$14,434,602
$1,564,786 |
$23,120,264 |
| 30 |
$41,075,502 |
$15,158,266
$1,643,020 |
$24,274,216 |
|
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