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 South Carolina residents, the state will deduct 6.9% from your lottery earnings.
| South Carolina 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(6.9%) | $2,677,200 | | Net Lumpsum Payment | $21,806,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,294,386 |
$439,253
$89,313 |
$765,820 |
| 2 |
$1,359,144 |
$463,214
$93,781 |
$802,149 |
| 3 |
$1,427,084 |
$488,351
$98,469 |
$840,264 |
| 4 |
$1,498,464 |
$514,762
$103,394 |
$880,308 |
| 5 |
$1,573,370 |
$542,477
$108,563 |
$922,330 |
| 6 |
$1,652,060 |
$571,593
$113,992 |
$966,475 |
| 7 |
$1,734,620 |
$602,140
$119,689 |
$1,012,791 |
| 8 |
$1,821,394 |
$634,246
$125,676 |
$1,061,472 |
| 9 |
$1,912,468 |
$667,944
$131,960 |
$1,112,564 |
| 10 |
$2,008,100 |
$703,327
$138,559 |
$1,166,214 |
| 11 |
$2,108,462 |
$740,461
$145,484 |
$1,222,517 |
| 12 |
$2,213,898 |
$779,473
$152,759 |
$1,281,666 |
| 13 |
$2,324,580 |
$820,425
$160,396 |
$1,343,759 |
| 14 |
$2,440,852 |
$863,446
$168,419 |
$1,408,987 |
| 15 |
$2,562,886 |
$908,598
$176,839 |
$1,477,449 |
| 16 |
$2,691,026 |
$956,010
$185,681 |
$1,549,335 |
| 17 |
$2,825,530 |
$1,005,776
$194,962 |
$1,624,792 |
| 18 |
$2,966,828 |
$1,058,057
$204,711 |
$1,704,060 |
| 19 |
$3,115,178 |
$1,112,946
$214,947 |
$1,787,285 |
| 20 |
$3,270,924 |
$1,170,572
$225,694 |
$1,874,658 |
| 21 |
$3,434,496 |
$1,231,094
$236,980 |
$1,966,422 |
| 22 |
$3,606,238 |
$1,294,638
$248,830 |
$2,062,770 |
| 23 |
$3,786,494 |
$1,361,333
$261,268 |
$2,163,893 |
| 24 |
$3,975,866 |
$1,431,401
$274,335 |
$2,270,130 |
| 25 |
$4,174,612 |
$1,504,937
$288,048 |
$2,381,627 |
| 26 |
$4,383,420 |
$1,582,196
$302,456 |
$2,498,768 |
| 27 |
$4,602,548 |
$1,663,273
$317,576 |
$2,621,699 |
| 28 |
$4,832,684 |
$1,748,423
$333,455 |
$2,750,806 |
| 29 |
$5,074,344 |
$1,837,838
$350,130 |
$2,886,376 |
| 30 |
$5,328,044 |
$1,931,707
$367,635 |
$3,028,702 |
|
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