The jackpot for the Powerball draw on Wed Aug 12, 2026, is projected to be $975 Million, with an option for a cash payout of $422.3 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 Wed Aug 12, 2026 |
|---|
| Draw Date | Wed Aug 12, 2026 | | Projected Jackpot | $975,000,000 | | Cash Value | $422,300,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $422,300,000 | | Federal Tax(24%) | $101,352,000 | | Additional Federal Tax | $54,859,330 | | State Tax(6.9%) | $29,138,700 | | Net Lumpsum Payment | $236,949,970 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$14,674,725 |
$5,389,979
$1,012,556 |
$8,272,190 |
| 2 |
$15,408,900 |
$5,661,623
$1,063,214 |
$8,684,063 |
| 3 |
$16,179,150 |
$5,946,616
$1,116,361 |
$9,116,173 |
| 4 |
$16,988,400 |
$6,246,038
$1,172,200 |
$9,570,162 |
| 5 |
$17,837,625 |
$6,560,252
$1,230,796 |
$10,046,577 |
| 6 |
$18,729,750 |
$6,890,338
$1,292,353 |
$10,547,059 |
| 7 |
$19,665,750 |
$7,236,658
$1,356,937 |
$11,072,155 |
| 8 |
$20,649,525 |
$7,600,655
$1,424,817 |
$11,624,053 |
| 9 |
$21,682,050 |
$7,982,689
$1,496,061 |
$12,203,300 |
| 10 |
$22,766,250 |
$8,383,843
$1,570,871 |
$12,811,536 |
| 11 |
$23,904,075 |
$8,804,838
$1,649,381 |
$13,449,856 |
| 12 |
$25,099,425 |
$9,247,118
$1,731,860 |
$14,120,447 |
| 13 |
$26,354,250 |
$9,711,403
$1,818,443 |
$14,824,404 |
| 14 |
$27,672,450 |
$10,199,137
$1,909,399 |
$15,563,914 |
| 15 |
$29,055,975 |
$10,711,041
$2,004,862 |
$16,340,072 |
| 16 |
$30,508,725 |
$11,248,559
$2,105,102 |
$17,155,064 |
| 17 |
$32,033,625 |
$11,812,772
$2,210,320 |
$18,010,533 |
| 18 |
$33,635,550 |
$12,405,484
$2,320,853 |
$18,909,213 |
| 19 |
$35,317,425 |
$13,027,778
$2,436,902 |
$19,852,745 |
| 20 |
$37,083,150 |
$13,681,096
$2,558,737 |
$20,843,317 |
| 21 |
$38,937,600 |
$14,367,242
$2,686,694 |
$21,883,664 |
| 22 |
$40,884,675 |
$15,087,660
$2,821,043 |
$22,975,972 |
| 23 |
$42,928,275 |
$15,843,792
$2,962,051 |
$24,122,432 |
| 24 |
$45,075,225 |
$16,638,164
$3,110,191 |
$25,326,870 |
| 25 |
$47,328,450 |
$17,471,857
$3,265,663 |
$26,590,930 |
| 26 |
$49,695,750 |
$18,347,758
$3,429,007 |
$27,918,985 |
| 27 |
$52,180,050 |
$19,266,949
$3,600,423 |
$29,312,678 |
| 28 |
$54,789,150 |
$20,232,316
$3,780,451 |
$30,776,383 |
| 29 |
$57,528,900 |
$21,246,023
$3,969,494 |
$32,313,383 |
| 30 |
$60,405,150 |
$22,310,236
$4,167,955 |
$33,926,959 |
|
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