The jackpot for the Powerball draw on Wed Aug 12, 2026, is projected to be $975 Million, with an option for a cash payout of $422.3 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 12, 2026 |
|---|
| Draw Date | Wed Aug 12, 2026 | | Projected Jackpot | $975,000,000 | | Cash Value | $422,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $422,300,000 | | Federal Tax(24%) | $101,352,000 | | Additional Federal Tax | $54,859,330 | | State Tax(0%) | $0 | | Net Lumpsum Payment | $266,088,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,674,725 |
$5,389,979
$0 |
$9,284,746 |
| 2 |
$15,408,900 |
$5,661,623
$0 |
$9,747,277 |
| 3 |
$16,179,150 |
$5,946,616
$0 |
$10,232,534 |
| 4 |
$16,988,400 |
$6,246,038
$0 |
$10,742,362 |
| 5 |
$17,837,625 |
$6,560,252
$0 |
$11,277,373 |
| 6 |
$18,729,750 |
$6,890,338
$0 |
$11,839,412 |
| 7 |
$19,665,750 |
$7,236,658
$0 |
$12,429,092 |
| 8 |
$20,649,525 |
$7,600,655
$0 |
$13,048,870 |
| 9 |
$21,682,050 |
$7,982,689
$0 |
$13,699,361 |
| 10 |
$22,766,250 |
$8,383,843
$0 |
$14,382,407 |
| 11 |
$23,904,075 |
$8,804,838
$0 |
$15,099,237 |
| 12 |
$25,099,425 |
$9,247,118
$0 |
$15,852,307 |
| 13 |
$26,354,250 |
$9,711,403
$0 |
$16,642,847 |
| 14 |
$27,672,450 |
$10,199,137
$0 |
$17,473,313 |
| 15 |
$29,055,975 |
$10,711,041
$0 |
$18,344,934 |
| 16 |
$30,508,725 |
$11,248,559
$0 |
$19,260,166 |
| 17 |
$32,033,625 |
$11,812,772
$0 |
$20,220,853 |
| 18 |
$33,635,550 |
$12,405,484
$0 |
$21,230,066 |
| 19 |
$35,317,425 |
$13,027,778
$0 |
$22,289,647 |
| 20 |
$37,083,150 |
$13,681,096
$0 |
$23,402,054 |
| 21 |
$38,937,600 |
$14,367,242
$0 |
$24,570,358 |
| 22 |
$40,884,675 |
$15,087,660
$0 |
$25,797,015 |
| 23 |
$42,928,275 |
$15,843,792
$0 |
$27,084,483 |
| 24 |
$45,075,225 |
$16,638,164
$0 |
$28,437,061 |
| 25 |
$47,328,450 |
$17,471,857
$0 |
$29,856,593 |
| 26 |
$49,695,750 |
$18,347,758
$0 |
$31,347,992 |
| 27 |
$52,180,050 |
$19,266,949
$0 |
$32,913,101 |
| 28 |
$54,789,150 |
$20,232,316
$0 |
$34,556,834 |
| 29 |
$57,528,900 |
$21,246,023
$0 |
$36,282,877 |
| 30 |
$60,405,150 |
$22,310,236
$0 |
$38,094,914 |
|
|
