The jackpot for the Powerball draw on Mon May 20, 2024, is projected to be $88 Million, with an option for a cash payout of $41.4 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 Mon May 20, 2024 |
|---|
| Draw Date | Mon May 20, 2024 | | Projected Jackpot | $88,000,000 | | Cash Value | $41,400,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $41,400,000 | | Federal Tax(24%) | $9,936,000 | | Additional Federal Tax | $5,342,330 | | State Tax(6.9%) | $2,856,600 | | Net Lumpsum Payment | $23,265,070 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$1,324,488 |
$450,391
$91,390 |
$782,707 |
| 2 |
$1,390,752 |
$474,909
$95,962 |
$819,881 |
| 3 |
$1,460,272 |
$500,631
$100,759 |
$858,882 |
| 4 |
$1,533,312 |
$527,656
$105,799 |
$899,857 |
| 5 |
$1,609,960 |
$556,016
$111,087 |
$942,857 |
| 6 |
$1,690,480 |
$585,808
$116,643 |
$988,029 |
| 7 |
$1,774,960 |
$617,066
$122,472 |
$1,035,422 |
| 8 |
$1,863,752 |
$649,919
$128,599 |
$1,085,234 |
| 9 |
$1,956,944 |
$684,400
$135,029 |
$1,137,515 |
| 10 |
$2,054,800 |
$720,606
$141,781 |
$1,192,413 |
| 11 |
$2,157,496 |
$758,604
$148,867 |
$1,250,025 |
| 12 |
$2,265,384 |
$798,522
$156,311 |
$1,310,551 |
| 13 |
$2,378,640 |
$840,427
$164,126 |
$1,374,087 |
| 14 |
$2,497,616 |
$884,448
$172,336 |
$1,440,832 |
| 15 |
$2,622,488 |
$930,651
$180,952 |
$1,510,885 |
| 16 |
$2,753,608 |
$979,165
$189,999 |
$1,584,444 |
| 17 |
$2,891,240 |
$1,030,089
$199,496 |
$1,661,655 |
| 18 |
$3,035,824 |
$1,083,585
$209,472 |
$1,742,767 |
| 19 |
$3,187,624 |
$1,139,751
$219,946 |
$1,827,927 |
| 20 |
$3,346,992 |
$1,198,717
$230,942 |
$1,917,333 |
| 21 |
$3,514,368 |
$1,260,647
$242,491 |
$2,011,230 |
| 22 |
$3,690,104 |
$1,325,669
$254,617 |
$2,109,818 |
| 23 |
$3,874,552 |
$1,393,915
$267,344 |
$2,213,293 |
| 24 |
$4,068,328 |
$1,465,612
$280,715 |
$2,322,001 |
| 25 |
$4,271,696 |
$1,540,858
$294,747 |
$2,436,091 |
| 26 |
$4,485,360 |
$1,619,914
$309,490 |
$2,555,956 |
| 27 |
$4,709,584 |
$1,702,876
$324,961 |
$2,681,747 |
| 28 |
$4,945,072 |
$1,790,007
$341,210 |
$2,813,855 |
| 29 |
$5,192,352 |
$1,881,501
$358,272 |
$2,952,579 |
| 30 |
$5,451,952 |
$1,977,553
$376,185 |
$3,098,214 |
|
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