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 Maryland residents, the state will deduct 8.95% from your lottery earnings.
| Maryland 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(8.95%) | $3,472,600 | | Net Lumpsum Payment | $21,011,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,294,386 |
$439,253
$115,848 |
$739,285 |
| 2 |
$1,359,144 |
$463,214
$121,643 |
$774,287 |
| 3 |
$1,427,084 |
$488,351
$127,724 |
$811,009 |
| 4 |
$1,498,464 |
$514,762
$134,113 |
$849,589 |
| 5 |
$1,573,370 |
$542,477
$140,817 |
$890,076 |
| 6 |
$1,652,060 |
$571,593
$147,859 |
$932,608 |
| 7 |
$1,734,620 |
$602,140
$155,248 |
$977,232 |
| 8 |
$1,821,394 |
$634,246
$163,015 |
$1,024,133 |
| 9 |
$1,912,468 |
$667,944
$171,166 |
$1,073,358 |
| 10 |
$2,008,100 |
$703,327
$179,725 |
$1,125,048 |
| 11 |
$2,108,462 |
$740,461
$188,707 |
$1,179,294 |
| 12 |
$2,213,898 |
$779,473
$198,144 |
$1,236,281 |
| 13 |
$2,324,580 |
$820,425
$208,050 |
$1,296,105 |
| 14 |
$2,440,852 |
$863,446
$218,456 |
$1,358,950 |
| 15 |
$2,562,886 |
$908,598
$229,378 |
$1,424,910 |
| 16 |
$2,691,026 |
$956,010
$240,847 |
$1,494,169 |
| 17 |
$2,825,530 |
$1,005,776
$252,885 |
$1,566,869 |
| 18 |
$2,966,828 |
$1,058,057
$265,531 |
$1,643,240 |
| 19 |
$3,115,178 |
$1,112,946
$278,808 |
$1,723,424 |
| 20 |
$3,270,924 |
$1,170,572
$292,748 |
$1,807,604 |
| 21 |
$3,434,496 |
$1,231,094
$307,387 |
$1,896,015 |
| 22 |
$3,606,238 |
$1,294,638
$322,758 |
$1,988,842 |
| 23 |
$3,786,494 |
$1,361,333
$338,891 |
$2,086,270 |
| 24 |
$3,975,866 |
$1,431,401
$355,840 |
$2,188,625 |
| 25 |
$4,174,612 |
$1,504,937
$373,628 |
$2,296,047 |
| 26 |
$4,383,420 |
$1,582,196
$392,316 |
$2,408,908 |
| 27 |
$4,602,548 |
$1,663,273
$411,928 |
$2,527,347 |
| 28 |
$4,832,684 |
$1,748,423
$432,525 |
$2,651,736 |
| 29 |
$5,074,344 |
$1,837,838
$454,154 |
$2,782,352 |
| 30 |
$5,328,044 |
$1,931,707
$476,860 |
$2,919,477 |
|
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