The jackpot for the Powerball draw on Wed Jan 15, 2025, is projected to be $303 Million, with an option for a cash payout of $132.8 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 Wed Jan 15, 2025 |
|---|
| Draw Date | Wed Jan 15, 2025 | | Projected Jackpot | $303,000,000 | | Cash Value | $132,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $132,800,000 | | Federal Tax(24%) | $31,872,000 | | Additional Federal Tax | $17,224,330 | | State Tax(6.9%) | $9,163,200 | | Net Lumpsum Payment | $74,540,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$4,560,453 |
$1,647,698
$314,671 |
$2,598,084 |
| 2 |
$4,788,612 |
$1,732,117
$330,414 |
$2,726,081 |
| 3 |
$5,027,982 |
$1,820,684
$346,931 |
$2,860,367 |
| 4 |
$5,279,472 |
$1,913,735
$364,284 |
$3,001,453 |
| 5 |
$5,543,385 |
$2,011,383
$382,494 |
$3,149,508 |
| 6 |
$5,820,630 |
$2,113,963
$401,623 |
$3,305,044 |
| 7 |
$6,111,510 |
$2,221,589
$421,694 |
$3,468,227 |
| 8 |
$6,417,237 |
$2,334,708
$442,789 |
$3,639,740 |
| 9 |
$6,738,114 |
$2,453,433
$464,930 |
$3,819,751 |
| 10 |
$7,075,050 |
$2,578,099
$488,178 |
$4,008,773 |
| 11 |
$7,428,651 |
$2,708,931
$512,577 |
$4,207,143 |
| 12 |
$7,800,129 |
$2,846,378
$538,209 |
$4,415,542 |
| 13 |
$8,190,090 |
$2,990,664
$565,116 |
$4,634,310 |
| 14 |
$8,599,746 |
$3,142,236
$593,382 |
$4,864,128 |
| 15 |
$9,029,703 |
$3,301,320
$623,050 |
$5,105,333 |
| 16 |
$9,481,173 |
$3,468,364
$654,201 |
$5,358,608 |
| 17 |
$9,955,065 |
$3,643,704
$686,899 |
$5,624,462 |
| 18 |
$10,452,894 |
$3,827,901
$721,250 |
$5,903,743 |
| 19 |
$10,975,569 |
$4,021,291
$757,314 |
$6,196,964 |
| 20 |
$11,524,302 |
$4,224,322
$795,177 |
$6,504,803 |
| 21 |
$12,100,608 |
$4,437,555
$834,942 |
$6,828,111 |
| 22 |
$12,705,699 |
$4,661,439
$876,693 |
$7,167,567 |
| 23 |
$13,340,787 |
$4,896,422
$920,514 |
$7,523,851 |
| 24 |
$14,007,993 |
$5,143,288
$966,552 |
$7,898,153 |
| 25 |
$14,708,226 |
$5,402,374
$1,014,868 |
$8,290,984 |
| 26 |
$15,443,910 |
$5,674,577
$1,065,630 |
$8,703,703 |
| 27 |
$16,215,954 |
$5,960,233
$1,118,901 |
$9,136,820 |
| 28 |
$17,026,782 |
$6,260,240
$1,174,848 |
$9,591,694 |
| 29 |
$17,878,212 |
$6,575,269
$1,233,597 |
$10,069,346 |
| 30 |
$18,772,062 |
$6,905,993
$1,295,272 |
$10,570,797 |
|
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