Virginia Lottery

VALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat Aug 22, 2026 is estimated to be $68 Million, with a cash option of 29.5 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Virginia, your state will take 4% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Virginia Powerball Jackpot/Cash Option for Sat Aug 22, 2026

Draw Date	Jackpot	Cash Option
Sat Aug 22, 2026	$68,000,000	$29,500,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$29,500,000
Federal Tax(24%)	$7,080,000
Additional Federal Tax	$3,795,330
State Tax(4%)	$1,180,000
Net Lumpsum Payment	$17,444,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$1,023,468	-$339,014 -$40,939	$643,515
2	$1,074,672	-$357,959 -$42,987	$673,726
3	$1,128,392	-$377,835 -$45,136	$705,421
4	$1,184,832	-$398,718 -$47,393	$738,721
5	$1,244,060	-$420,633 -$49,762	$773,665
6	$1,306,280	-$443,654 -$52,251	$810,375
7	$1,371,560	-$467,808 -$54,862	$848,890
8	$1,440,172	-$493,194 -$57,607	$889,371
9	$1,512,184	-$519,838 -$60,487	$931,859
10	$1,587,800	-$547,816 -$63,512	$976,472
11	$1,667,156	-$577,178 -$66,686	$1,023,292
12	$1,750,524	-$608,024 -$70,021	$1,072,479
13	$1,838,040	-$640,405 -$73,522	$1,124,113
14	$1,929,976	-$674,422 -$77,199	$1,178,355
15	$2,026,468	-$710,124 -$81,059	$1,235,285
16	$2,127,788	-$747,612 -$85,112	$1,295,064
17	$2,234,140	-$786,962 -$89,366	$1,357,812
18	$2,345,864	-$828,300 -$93,835	$1,423,729
19	$2,463,164	-$871,701 -$98,527	$1,492,936
20	$2,586,312	-$917,266 -$103,452	$1,565,594
21	$2,715,648	-$965,120 -$108,626	$1,641,902
22	$2,851,444	-$1,015,365 -$114,058	$1,722,021
23	$2,993,972	-$1,068,100 -$119,759	$1,806,113
24	$3,143,708	-$1,123,502 -$125,748	$1,894,458
25	$3,300,856	-$1,181,647 -$132,034	$1,987,175
26	$3,465,960	-$1,242,736 -$138,638	$2,084,586
27	$3,639,224	-$1,306,843 -$145,569	$2,186,812
28	$3,821,192	-$1,374,171 -$152,848	$2,294,173
29	$4,012,272	-$1,444,871 -$160,491	$2,406,910
30	$4,212,872	-$1,519,093 -$168,515	$2,525,264