The jackpot for the Powerball draw on Sat May 23, 2026, is projected to be $131 Million, with an option for a cash payout of $57.5 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 23, 2026 |
|---|
| Draw Date | Sat May 23, 2026 | | Projected Jackpot | $131,000,000 | | Cash Value | $57,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $57,500,000 | | Federal Tax(24%) | $13,800,000 | | Additional Federal Tax | $7,435,330 | | State Tax(3.99%) | $2,294,250 | | Net Lumpsum Payment | $33,970,420 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,971,681 |
$689,852
$78,670 |
$1,203,159 |
| 2 |
$2,070,324 |
$726,350
$82,606 |
$1,261,368 |
| 3 |
$2,173,814 |
$764,642
$86,735 |
$1,322,437 |
| 4 |
$2,282,544 |
$804,872
$91,074 |
$1,386,598 |
| 5 |
$2,396,645 |
$847,089
$95,626 |
$1,453,930 |
| 6 |
$2,516,510 |
$891,439
$100,409 |
$1,524,662 |
| 7 |
$2,642,270 |
$937,970
$105,427 |
$1,598,873 |
| 8 |
$2,774,449 |
$986,877
$110,701 |
$1,676,871 |
| 9 |
$2,913,178 |
$1,038,206
$116,236 |
$1,758,736 |
| 10 |
$3,058,850 |
$1,092,105
$122,048 |
$1,844,697 |
| 11 |
$3,211,727 |
$1,148,669
$128,148 |
$1,934,910 |
| 12 |
$3,372,333 |
$1,208,094
$134,556 |
$2,029,683 |
| 13 |
$3,540,930 |
$1,270,474
$141,283 |
$2,129,173 |
| 14 |
$3,718,042 |
$1,336,006
$148,350 |
$2,233,686 |
| 15 |
$3,903,931 |
$1,404,785
$155,767 |
$2,343,379 |
| 16 |
$4,099,121 |
$1,477,005
$163,555 |
$2,458,561 |
| 17 |
$4,304,005 |
$1,552,812
$171,730 |
$2,579,463 |
| 18 |
$4,519,238 |
$1,632,448
$180,318 |
$2,706,472 |
| 19 |
$4,745,213 |
$1,716,059
$189,334 |
$2,839,820 |
| 20 |
$4,982,454 |
$1,803,838
$198,800 |
$2,979,816 |
| 21 |
$5,231,616 |
$1,896,028
$208,741 |
$3,126,847 |
| 22 |
$5,493,223 |
$1,992,823
$219,180 |
$3,281,220 |
| 23 |
$5,767,799 |
$2,094,416
$230,135 |
$3,443,248 |
| 24 |
$6,056,261 |
$2,201,147
$241,645 |
$3,613,469 |
| 25 |
$6,359,002 |
$2,313,161
$253,724 |
$3,792,117 |
| 26 |
$6,677,070 |
$2,430,846
$266,415 |
$3,979,809 |
| 27 |
$7,010,858 |
$2,554,348
$279,733 |
$4,176,777 |
| 28 |
$7,361,414 |
$2,684,054
$293,720 |
$4,383,640 |
| 29 |
$7,729,524 |
$2,820,254
$308,408 |
$4,600,862 |
| 30 |
$8,115,974 |
$2,963,241
$323,827 |
$4,828,906 |
|
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