The jackpot for the Powerball draw on Wed Oct 23, 2024, is projected to be $478 Million, with an option for a cash payout of $230.5 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 Wed Oct 23, 2024 |
|---|
| Draw Date | Wed Oct 23, 2024 | | Projected Jackpot | $478,000,000 | | Cash Value | $230,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $230,500,000 | | Federal Tax(24%) | $55,320,000 | | Additional Federal Tax | $29,925,330 | | State Tax(6.9%) | $15,904,500 | | Net Lumpsum Payment | $129,350,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$7,194,378 |
$2,622,250
$496,412 |
$4,075,716 |
| 2 |
$7,554,312 |
$2,755,426
$521,248 |
$4,277,638 |
| 3 |
$7,931,932 |
$2,895,145
$547,303 |
$4,489,484 |
| 4 |
$8,328,672 |
$3,041,939
$574,678 |
$4,712,055 |
| 5 |
$8,745,010 |
$3,195,984
$603,406 |
$4,945,620 |
| 6 |
$9,182,380 |
$3,357,811
$633,584 |
$5,190,985 |
| 7 |
$9,641,260 |
$3,527,597
$665,247 |
$5,448,416 |
| 8 |
$10,123,562 |
$3,706,048
$698,526 |
$5,718,988 |
| 9 |
$10,629,764 |
$3,893,343
$733,454 |
$6,002,967 |
| 10 |
$11,161,300 |
$4,090,011
$770,130 |
$6,301,159 |
| 11 |
$11,719,126 |
$4,296,407
$808,620 |
$6,614,099 |
| 12 |
$12,305,154 |
$4,513,237
$849,056 |
$6,942,861 |
| 13 |
$12,920,340 |
$4,740,856
$891,503 |
$7,287,981 |
| 14 |
$13,566,596 |
$4,979,971
$936,095 |
$7,650,530 |
| 15 |
$14,244,878 |
$5,230,935
$982,897 |
$8,031,046 |
| 16 |
$14,957,098 |
$5,494,457
$1,032,040 |
$8,430,601 |
| 17 |
$15,704,690 |
$5,771,066
$1,083,624 |
$8,850,000 |
| 18 |
$16,490,044 |
$6,061,647
$1,137,813 |
$9,290,584 |
| 19 |
$17,314,594 |
$6,366,730
$1,194,707 |
$9,753,157 |
| 20 |
$18,180,252 |
$6,687,024
$1,254,437 |
$10,238,791 |
| 21 |
$19,089,408 |
$7,023,411
$1,317,169 |
$10,748,828 |
| 22 |
$20,043,974 |
$7,376,601
$1,383,034 |
$11,284,339 |
| 23 |
$21,045,862 |
$7,747,299
$1,452,164 |
$11,846,399 |
| 24 |
$22,098,418 |
$8,136,745
$1,524,791 |
$12,436,882 |
| 25 |
$23,203,076 |
$8,545,469
$1,601,012 |
$13,056,595 |
| 26 |
$24,363,660 |
$8,974,885
$1,681,093 |
$13,707,682 |
| 27 |
$25,581,604 |
$9,425,524
$1,765,131 |
$14,390,949 |
| 28 |
$26,860,732 |
$9,898,801
$1,853,391 |
$15,108,540 |
| 29 |
$28,203,912 |
$10,395,778
$1,946,070 |
$15,862,064 |
| 30 |
$29,614,012 |
$10,917,515
$2,043,367 |
$16,653,130 |
|
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