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 South Carolina residents, the state will deduct 6.9% from your lottery earnings.
| South Carolina 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(6.9%) | $3,967,500 | | Net Lumpsum Payment | $32,297,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,971,681 |
$689,852
$136,046 |
$1,145,783 |
| 2 |
$2,070,324 |
$726,350
$142,852 |
$1,201,122 |
| 3 |
$2,173,814 |
$764,642
$149,993 |
$1,259,179 |
| 4 |
$2,282,544 |
$804,872
$157,496 |
$1,320,176 |
| 5 |
$2,396,645 |
$847,089
$165,369 |
$1,384,187 |
| 6 |
$2,516,510 |
$891,439
$173,639 |
$1,451,432 |
| 7 |
$2,642,270 |
$937,970
$182,317 |
$1,521,983 |
| 8 |
$2,774,449 |
$986,877
$191,437 |
$1,596,135 |
| 9 |
$2,913,178 |
$1,038,206
$201,009 |
$1,673,963 |
| 10 |
$3,058,850 |
$1,092,105
$211,061 |
$1,755,684 |
| 11 |
$3,211,727 |
$1,148,669
$221,609 |
$1,841,449 |
| 12 |
$3,372,333 |
$1,208,094
$232,691 |
$1,931,548 |
| 13 |
$3,540,930 |
$1,270,474
$244,324 |
$2,026,132 |
| 14 |
$3,718,042 |
$1,336,006
$256,545 |
$2,125,491 |
| 15 |
$3,903,931 |
$1,404,785
$269,371 |
$2,229,775 |
| 16 |
$4,099,121 |
$1,477,005
$282,839 |
$2,339,277 |
| 17 |
$4,304,005 |
$1,552,812
$296,976 |
$2,454,217 |
| 18 |
$4,519,238 |
$1,632,448
$311,827 |
$2,574,963 |
| 19 |
$4,745,213 |
$1,716,059
$327,420 |
$2,701,734 |
| 20 |
$4,982,454 |
$1,803,838
$343,789 |
$2,834,827 |
| 21 |
$5,231,616 |
$1,896,028
$360,982 |
$2,974,606 |
| 22 |
$5,493,223 |
$1,992,823
$379,032 |
$3,121,368 |
| 23 |
$5,767,799 |
$2,094,416
$397,978 |
$3,275,405 |
| 24 |
$6,056,261 |
$2,201,147
$417,882 |
$3,437,232 |
| 25 |
$6,359,002 |
$2,313,161
$438,771 |
$3,607,070 |
| 26 |
$6,677,070 |
$2,430,846
$460,718 |
$3,785,506 |
| 27 |
$7,010,858 |
$2,554,348
$483,749 |
$3,972,761 |
| 28 |
$7,361,414 |
$2,684,054
$507,938 |
$4,169,422 |
| 29 |
$7,729,524 |
$2,820,254
$533,337 |
$4,375,933 |
| 30 |
$8,115,974 |
$2,963,241
$560,002 |
$4,592,731 |
|
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