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 Connecticut residents, the state will deduct 6.99% from your lottery earnings.
| Connecticut 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(6.99%) | $2,712,120 | | Net Lumpsum Payment | $21,771,550 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,294,386 |
$439,253
$90,478 |
$764,655 |
| 2 |
$1,359,144 |
$463,214
$95,004 |
$800,926 |
| 3 |
$1,427,084 |
$488,351
$99,753 |
$838,980 |
| 4 |
$1,498,464 |
$514,762
$104,743 |
$878,959 |
| 5 |
$1,573,370 |
$542,477
$109,979 |
$920,914 |
| 6 |
$1,652,060 |
$571,593
$115,479 |
$964,988 |
| 7 |
$1,734,620 |
$602,140
$121,250 |
$1,011,230 |
| 8 |
$1,821,394 |
$634,246
$127,315 |
$1,059,833 |
| 9 |
$1,912,468 |
$667,944
$133,682 |
$1,110,842 |
| 10 |
$2,008,100 |
$703,327
$140,366 |
$1,164,407 |
| 11 |
$2,108,462 |
$740,461
$147,381 |
$1,220,620 |
| 12 |
$2,213,898 |
$779,473
$154,751 |
$1,279,674 |
| 13 |
$2,324,580 |
$820,425
$162,488 |
$1,341,667 |
| 14 |
$2,440,852 |
$863,446
$170,616 |
$1,406,790 |
| 15 |
$2,562,886 |
$908,598
$179,146 |
$1,475,142 |
| 16 |
$2,691,026 |
$956,010
$188,103 |
$1,546,913 |
| 17 |
$2,825,530 |
$1,005,776
$197,505 |
$1,622,249 |
| 18 |
$2,966,828 |
$1,058,057
$207,381 |
$1,701,390 |
| 19 |
$3,115,178 |
$1,112,946
$217,751 |
$1,784,481 |
| 20 |
$3,270,924 |
$1,170,572
$228,638 |
$1,871,714 |
| 21 |
$3,434,496 |
$1,231,094
$240,071 |
$1,963,331 |
| 22 |
$3,606,238 |
$1,294,638
$252,076 |
$2,059,524 |
| 23 |
$3,786,494 |
$1,361,333
$264,676 |
$2,160,485 |
| 24 |
$3,975,866 |
$1,431,401
$277,913 |
$2,266,552 |
| 25 |
$4,174,612 |
$1,504,937
$291,805 |
$2,377,870 |
| 26 |
$4,383,420 |
$1,582,196
$306,401 |
$2,494,823 |
| 27 |
$4,602,548 |
$1,663,273
$321,718 |
$2,617,557 |
| 28 |
$4,832,684 |
$1,748,423
$337,805 |
$2,746,456 |
| 29 |
$5,074,344 |
$1,837,838
$354,697 |
$2,881,809 |
| 30 |
$5,328,044 |
$1,931,707
$372,430 |
$3,023,907 |
|
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