The jackpot for the Powerball draw on Sat Jan 25, 2025, is projected to be $46 Million, with an option for a cash payout of $20.5 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 Sat Jan 25, 2025 |
|---|
| Draw Date | Sat Jan 25, 2025 | | Projected Jackpot | $46,000,000 | | Cash Value | $20,500,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $20,500,000 | | Federal Tax(24%) | $4,920,000 | | Additional Federal Tax | $2,625,330 | | State Tax(6.9%) | $1,414,500 | | Net Lumpsum Payment | $11,540,170 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$692,346 |
$216,498
$47,772 |
$428,076 |
| 2 |
$726,984 |
$229,314
$50,162 |
$447,508 |
| 3 |
$763,324 |
$242,760
$52,669 |
$467,895 |
| 4 |
$801,504 |
$256,887
$55,304 |
$489,313 |
| 5 |
$841,570 |
$271,711
$58,068 |
$511,791 |
| 6 |
$883,660 |
$287,285
$60,973 |
$535,402 |
| 7 |
$927,820 |
$303,624
$64,020 |
$560,176 |
| 8 |
$974,234 |
$320,797
$67,222 |
$586,215 |
| 9 |
$1,022,948 |
$338,821
$70,583 |
$613,544 |
| 10 |
$1,074,100 |
$357,747
$74,113 |
$642,240 |
| 11 |
$1,127,782 |
$377,610
$77,817 |
$672,355 |
| 12 |
$1,184,178 |
$398,476
$81,708 |
$703,994 |
| 13 |
$1,243,380 |
$420,381
$85,793 |
$737,206 |
| 14 |
$1,305,572 |
$443,392
$90,084 |
$772,096 |
| 15 |
$1,370,846 |
$467,543
$94,588 |
$808,715 |
| 16 |
$1,439,386 |
$492,903
$99,318 |
$847,165 |
| 17 |
$1,511,330 |
$519,522
$104,282 |
$887,526 |
| 18 |
$1,586,908 |
$547,486
$109,497 |
$929,925 |
| 19 |
$1,666,258 |
$576,846
$114,972 |
$974,440 |
| 20 |
$1,749,564 |
$607,669
$120,720 |
$1,021,175 |
| 21 |
$1,837,056 |
$640,041
$126,757 |
$1,070,258 |
| 22 |
$1,928,918 |
$674,030
$133,095 |
$1,121,793 |
| 23 |
$2,025,334 |
$709,704
$139,748 |
$1,175,882 |
| 24 |
$2,126,626 |
$747,182
$146,737 |
$1,232,707 |
| 25 |
$2,232,932 |
$786,515
$154,072 |
$1,292,345 |
| 26 |
$2,344,620 |
$827,840
$161,779 |
$1,355,001 |
| 27 |
$2,461,828 |
$871,207
$169,866 |
$1,420,755 |
| 28 |
$2,584,924 |
$916,752
$178,360 |
$1,489,812 |
| 29 |
$2,714,184 |
$964,578
$187,279 |
$1,562,327 |
| 30 |
$2,849,884 |
$1,014,787
$196,642 |
$1,638,455 |
|
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