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 Rhode Island residents, the state will deduct 5.99% from your lottery earnings.
| Rhode Island 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(5.99%) | $2,324,120 | | Net Lumpsum Payment | $22,159,550 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,294,386 |
$439,253
$77,534 |
$777,599 |
| 2 |
$1,359,144 |
$463,214
$81,413 |
$814,517 |
| 3 |
$1,427,084 |
$488,351
$85,482 |
$853,251 |
| 4 |
$1,498,464 |
$514,762
$89,758 |
$893,944 |
| 5 |
$1,573,370 |
$542,477
$94,245 |
$936,648 |
| 6 |
$1,652,060 |
$571,593
$98,958 |
$981,509 |
| 7 |
$1,734,620 |
$602,140
$103,904 |
$1,028,576 |
| 8 |
$1,821,394 |
$634,246
$109,102 |
$1,078,046 |
| 9 |
$1,912,468 |
$667,944
$114,557 |
$1,129,967 |
| 10 |
$2,008,100 |
$703,327
$120,285 |
$1,184,488 |
| 11 |
$2,108,462 |
$740,461
$126,297 |
$1,241,704 |
| 12 |
$2,213,898 |
$779,473
$132,612 |
$1,301,813 |
| 13 |
$2,324,580 |
$820,425
$139,242 |
$1,364,913 |
| 14 |
$2,440,852 |
$863,446
$146,207 |
$1,431,199 |
| 15 |
$2,562,886 |
$908,598
$153,517 |
$1,500,771 |
| 16 |
$2,691,026 |
$956,010
$161,192 |
$1,573,824 |
| 17 |
$2,825,530 |
$1,005,776
$169,249 |
$1,650,505 |
| 18 |
$2,966,828 |
$1,058,057
$177,713 |
$1,731,058 |
| 19 |
$3,115,178 |
$1,112,946
$186,599 |
$1,815,633 |
| 20 |
$3,270,924 |
$1,170,572
$195,928 |
$1,904,424 |
| 21 |
$3,434,496 |
$1,231,094
$205,726 |
$1,997,676 |
| 22 |
$3,606,238 |
$1,294,638
$216,014 |
$2,095,586 |
| 23 |
$3,786,494 |
$1,361,333
$226,811 |
$2,198,350 |
| 24 |
$3,975,866 |
$1,431,401
$238,154 |
$2,306,311 |
| 25 |
$4,174,612 |
$1,504,937
$250,059 |
$2,419,616 |
| 26 |
$4,383,420 |
$1,582,196
$262,567 |
$2,538,657 |
| 27 |
$4,602,548 |
$1,663,273
$275,693 |
$2,663,582 |
| 28 |
$4,832,684 |
$1,748,423
$289,478 |
$2,794,783 |
| 29 |
$5,074,344 |
$1,837,838
$303,953 |
$2,932,553 |
| 30 |
$5,328,044 |
$1,931,707
$319,150 |
$3,077,187 |
|
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