Jackpot Analysis South Carolina Powerball

Jackpot Analysis for South Carolina Powerball
The jackpot for the Powerball draw on Wed Jul 17, 2024, is projected to be $75 Million, with an option for a cash payout of $36 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 Jul 17, 2024
Draw DateWed Jul 17, 2024
Projected Jackpot$75,000,000
Cash Value$36,000,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$36,000,000
Federal Tax(24%)$8,640,000
Additional Federal Tax$4,640,330
State Tax(6.9%)$2,484,000
Net Lumpsum Payment$20,235,670
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $1,128,825 $377,996
$77,889
$672,940
2 $1,185,300 $398,891
$81,786
$704,623
3 $1,244,550 $420,814
$85,874
$737,862
4 $1,306,800 $443,846
$90,169
$772,785
5 $1,372,125 $468,017
$94,677
$809,431
6 $1,440,750 $493,408
$99,412
$847,930
7 $1,512,750 $520,048
$104,380
$888,322
8 $1,588,425 $548,048
$109,601
$930,776
9 $1,667,850 $577,435
$115,082
$975,333
10 $1,751,250 $608,293
$120,836
$1,022,121
11 $1,838,775 $640,677
$126,875
$1,071,223
12 $1,930,725 $674,699
$133,220
$1,122,806
13 $2,027,250 $710,413
$139,880
$1,176,957
14 $2,128,650 $747,931
$146,877
$1,233,842
15 $2,235,075 $787,308
$154,220
$1,293,547
16 $2,346,825 $828,656
$161,931
$1,356,238
17 $2,464,125 $872,057
$170,025
$1,422,043
18 $2,587,350 $917,650
$178,527
$1,491,173
19 $2,716,725 $965,519
$187,454
$1,563,752
20 $2,852,550 $1,015,774
$196,826
$1,639,950
21 $2,995,200 $1,068,554
$206,669
$1,719,977
22 $3,144,975 $1,123,971
$217,003
$1,804,001
23 $3,302,175 $1,182,135
$227,850
$1,892,190
24 $3,467,325 $1,243,241
$239,245
$1,984,839
25 $3,640,650 $1,307,371
$251,205
$2,082,074
26 $3,822,750 $1,374,748
$263,770
$2,184,232
27 $4,013,850 $1,445,455
$276,956
$2,291,439
28 $4,214,550 $1,519,714
$290,804
$2,404,032
29 $4,425,300 $1,597,691
$305,346
$2,522,263
30 $4,646,550 $1,679,554
$320,612
$2,646,384