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 Virginia residents, the state will deduct 4% from your lottery earnings.
| Virginia 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(4%) | $1,552,000 | | Net Lumpsum Payment | $22,931,670 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,294,386 |
$439,253
$51,775 |
$803,358 |
| 2 |
$1,359,144 |
$463,214
$54,366 |
$841,564 |
| 3 |
$1,427,084 |
$488,351
$57,083 |
$881,650 |
| 4 |
$1,498,464 |
$514,762
$59,939 |
$923,763 |
| 5 |
$1,573,370 |
$542,477
$62,935 |
$967,958 |
| 6 |
$1,652,060 |
$571,593
$66,082 |
$1,014,385 |
| 7 |
$1,734,620 |
$602,140
$69,385 |
$1,063,095 |
| 8 |
$1,821,394 |
$634,246
$72,856 |
$1,114,292 |
| 9 |
$1,912,468 |
$667,944
$76,499 |
$1,168,025 |
| 10 |
$2,008,100 |
$703,327
$80,324 |
$1,224,449 |
| 11 |
$2,108,462 |
$740,461
$84,338 |
$1,283,663 |
| 12 |
$2,213,898 |
$779,473
$88,556 |
$1,345,869 |
| 13 |
$2,324,580 |
$820,425
$92,983 |
$1,411,172 |
| 14 |
$2,440,852 |
$863,446
$97,634 |
$1,479,772 |
| 15 |
$2,562,886 |
$908,598
$102,515 |
$1,551,773 |
| 16 |
$2,691,026 |
$956,010
$107,641 |
$1,627,375 |
| 17 |
$2,825,530 |
$1,005,776
$113,021 |
$1,706,733 |
| 18 |
$2,966,828 |
$1,058,057
$118,673 |
$1,790,098 |
| 19 |
$3,115,178 |
$1,112,946
$124,607 |
$1,877,625 |
| 20 |
$3,270,924 |
$1,170,572
$130,837 |
$1,969,515 |
| 21 |
$3,434,496 |
$1,231,094
$137,380 |
$2,066,022 |
| 22 |
$3,606,238 |
$1,294,638
$144,250 |
$2,167,350 |
| 23 |
$3,786,494 |
$1,361,333
$151,460 |
$2,273,701 |
| 24 |
$3,975,866 |
$1,431,401
$159,035 |
$2,385,430 |
| 25 |
$4,174,612 |
$1,504,937
$166,984 |
$2,502,691 |
| 26 |
$4,383,420 |
$1,582,196
$175,337 |
$2,625,887 |
| 27 |
$4,602,548 |
$1,663,273
$184,102 |
$2,755,173 |
| 28 |
$4,832,684 |
$1,748,423
$193,307 |
$2,890,954 |
| 29 |
$5,074,344 |
$1,837,838
$202,974 |
$3,033,532 |
| 30 |
$5,328,044 |
$1,931,707
$213,122 |
$3,183,215 |
|
|
