The jackpot for the Powerball draw on Sat Oct 24, 2026, is projected to be $674 Million, with an option for a cash payout of $283.9 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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia Powerball Jackpot/Cash Option for Sat Oct 24, 2026 |
|---|
| Draw Date | Sat Oct 24, 2026 | | Projected Jackpot | $674,000,000 | | Cash Value | $283,900,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $283,900,000 | | Federal Tax(24%) | $68,136,000 | | Additional Federal Tax | $36,867,330 | | State Tax(4%) | $11,356,000 | | Net Lumpsum Payment | $167,540,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$10,144,374 |
$3,713,749
$405,775 |
$6,024,850 |
| 2 |
$10,651,896 |
$3,901,532
$426,076 |
$6,324,288 |
| 3 |
$11,184,356 |
$4,098,542
$447,374 |
$6,638,440 |
| 4 |
$11,743,776 |
$4,305,528
$469,751 |
$6,968,497 |
| 5 |
$12,330,830 |
$4,522,737
$493,233 |
$7,314,860 |
| 6 |
$12,947,540 |
$4,750,920
$517,902 |
$7,678,718 |
| 7 |
$13,594,580 |
$4,990,325
$543,783 |
$8,060,472 |
| 8 |
$14,274,646 |
$5,241,949
$570,986 |
$8,461,711 |
| 9 |
$14,988,412 |
$5,506,043
$599,536 |
$8,882,833 |
| 10 |
$15,737,900 |
$5,783,353
$629,516 |
$9,325,031 |
| 11 |
$16,524,458 |
$6,074,380
$660,978 |
$9,789,100 |
| 12 |
$17,350,782 |
$6,380,120
$694,031 |
$10,276,631 |
| 13 |
$18,218,220 |
$6,701,072
$728,729 |
$10,788,419 |
| 14 |
$19,129,468 |
$7,038,234
$765,179 |
$11,326,055 |
| 15 |
$20,085,874 |
$7,392,104
$803,435 |
$11,890,335 |
| 16 |
$21,090,134 |
$7,763,680
$843,605 |
$12,482,849 |
| 17 |
$22,144,270 |
$8,153,710
$885,771 |
$13,104,789 |
| 18 |
$23,251,652 |
$8,563,442
$930,066 |
$13,758,144 |
| 19 |
$24,414,302 |
$8,993,622
$976,572 |
$14,444,108 |
| 20 |
$25,634,916 |
$9,445,249
$1,025,397 |
$15,164,270 |
| 21 |
$26,916,864 |
$9,919,570
$1,076,675 |
$15,920,619 |
| 22 |
$28,262,842 |
$10,417,582
$1,130,514 |
$16,714,746 |
| 23 |
$29,675,546 |
$10,940,282
$1,187,022 |
$17,548,242 |
| 24 |
$31,159,694 |
$11,489,417
$1,246,388 |
$18,423,889 |
| 25 |
$32,717,308 |
$12,065,734
$1,308,692 |
$19,342,882 |
| 26 |
$34,353,780 |
$12,671,229
$1,374,151 |
$20,308,400 |
| 27 |
$36,071,132 |
$13,306,649
$1,442,845 |
$21,321,638 |
| 28 |
$37,874,756 |
$13,973,990
$1,514,990 |
$22,385,776 |
| 29 |
$39,768,696 |
$14,674,748
$1,590,748 |
$23,503,200 |
| 30 |
$41,756,996 |
$15,410,419
$1,670,280 |
$24,676,297 |
|
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