The jackpot for the Powerball draw on Sat May 16, 2026, is projected to be $86 Million, with an option for a cash payout of $38.8 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 Ohio residents, the state will deduct 3.99% from your lottery earnings.
| Ohio Powerball Jackpot/Cash Option for Sat May 16, 2026 |
|---|
| Draw Date | Sat May 16, 2026 | | Projected Jackpot | $86,000,000 | | Cash Value | $38,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $38,800,000 | | Federal Tax(24%) | $9,312,000 | | Additional Federal Tax | $5,004,330 | | State Tax(3.99%) | $1,548,120 | | Net Lumpsum Payment | $22,935,550 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,294,386 |
$439,253
$51,646 |
$803,487 |
| 2 |
$1,359,144 |
$463,214
$54,230 |
$841,700 |
| 3 |
$1,427,084 |
$488,351
$56,941 |
$881,792 |
| 4 |
$1,498,464 |
$514,762
$59,789 |
$923,913 |
| 5 |
$1,573,370 |
$542,477
$62,777 |
$968,116 |
| 6 |
$1,652,060 |
$571,593
$65,917 |
$1,014,550 |
| 7 |
$1,734,620 |
$602,140
$69,211 |
$1,063,269 |
| 8 |
$1,821,394 |
$634,246
$72,674 |
$1,114,474 |
| 9 |
$1,912,468 |
$667,944
$76,307 |
$1,168,217 |
| 10 |
$2,008,100 |
$703,327
$80,123 |
$1,224,650 |
| 11 |
$2,108,462 |
$740,461
$84,128 |
$1,283,873 |
| 12 |
$2,213,898 |
$779,473
$88,335 |
$1,346,090 |
| 13 |
$2,324,580 |
$820,425
$92,751 |
$1,411,404 |
| 14 |
$2,440,852 |
$863,446
$97,390 |
$1,480,016 |
| 15 |
$2,562,886 |
$908,598
$102,259 |
$1,552,029 |
| 16 |
$2,691,026 |
$956,010
$107,372 |
$1,627,644 |
| 17 |
$2,825,530 |
$1,005,776
$112,739 |
$1,707,015 |
| 18 |
$2,966,828 |
$1,058,057
$118,376 |
$1,790,395 |
| 19 |
$3,115,178 |
$1,112,946
$124,296 |
$1,877,936 |
| 20 |
$3,270,924 |
$1,170,572
$130,510 |
$1,969,842 |
| 21 |
$3,434,496 |
$1,231,094
$137,036 |
$2,066,366 |
| 22 |
$3,606,238 |
$1,294,638
$143,889 |
$2,167,711 |
| 23 |
$3,786,494 |
$1,361,333
$151,081 |
$2,274,080 |
| 24 |
$3,975,866 |
$1,431,401
$158,637 |
$2,385,828 |
| 25 |
$4,174,612 |
$1,504,937
$166,567 |
$2,503,108 |
| 26 |
$4,383,420 |
$1,582,196
$174,898 |
$2,626,326 |
| 27 |
$4,602,548 |
$1,663,273
$183,642 |
$2,755,633 |
| 28 |
$4,832,684 |
$1,748,423
$192,824 |
$2,891,437 |
| 29 |
$5,074,344 |
$1,837,838
$202,466 |
$3,034,040 |
| 30 |
$5,328,044 |
$1,931,707
$212,589 |
$3,183,748 |
|
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