The jackpot for the Powerball draw on Wed Jul 16, 2025, is projected to be $264 Million, with an option for a cash payout of $119.7 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 16, 2025 |
|---|
| Draw Date | Wed Jul 16, 2025 | | Projected Jackpot | $264,000,000 | | Cash Value | $119,700,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $119,700,000 | | Federal Tax(24%) | $28,728,000 | | Additional Federal Tax | $15,521,330 | | State Tax(6.9%) | $8,259,300 | | Net Lumpsum Payment | $67,191,370 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$3,973,464 |
$1,430,512
$274,169 |
$2,268,783 |
| 2 |
$4,172,256 |
$1,504,065
$287,886 |
$2,380,305 |
| 3 |
$4,380,816 |
$1,581,232
$302,276 |
$2,497,308 |
| 4 |
$4,599,936 |
$1,662,307
$317,396 |
$2,620,233 |
| 5 |
$4,829,880 |
$1,747,386
$333,262 |
$2,749,232 |
| 6 |
$5,071,440 |
$1,836,763
$349,929 |
$2,884,748 |
| 7 |
$5,324,880 |
$1,930,536
$367,417 |
$3,026,927 |
| 8 |
$5,591,256 |
$2,029,095
$385,797 |
$3,176,364 |
| 9 |
$5,870,832 |
$2,132,538
$405,087 |
$3,333,207 |
| 10 |
$6,164,400 |
$2,241,158
$425,344 |
$3,497,898 |
| 11 |
$6,472,488 |
$2,355,151
$446,602 |
$3,670,735 |
| 12 |
$6,796,152 |
$2,474,907
$468,934 |
$3,852,311 |
| 13 |
$7,135,920 |
$2,600,621
$492,378 |
$4,042,921 |
| 14 |
$7,492,848 |
$2,732,684
$517,007 |
$4,243,157 |
| 15 |
$7,867,464 |
$2,871,292
$542,855 |
$4,453,317 |
| 16 |
$8,260,824 |
$3,016,835
$569,997 |
$4,673,992 |
| 17 |
$8,673,720 |
$3,169,607
$598,487 |
$4,905,626 |
| 18 |
$9,107,472 |
$3,330,095
$628,416 |
$5,148,961 |
| 19 |
$9,562,872 |
$3,498,593
$659,838 |
$5,404,441 |
| 20 |
$10,040,976 |
$3,675,492
$692,827 |
$5,672,657 |
| 21 |
$10,543,104 |
$3,861,279
$727,474 |
$5,954,351 |
| 22 |
$11,070,312 |
$4,056,346
$763,852 |
$6,250,114 |
| 23 |
$11,623,656 |
$4,261,083
$802,032 |
$6,560,541 |
| 24 |
$12,204,984 |
$4,476,174
$842,144 |
$6,886,666 |
| 25 |
$12,815,088 |
$4,701,913
$884,241 |
$7,228,934 |
| 26 |
$13,456,080 |
$4,939,080
$928,470 |
$7,588,530 |
| 27 |
$14,128,752 |
$5,187,969
$974,884 |
$7,965,899 |
| 28 |
$14,835,216 |
$5,449,360
$1,023,630 |
$8,362,226 |
| 29 |
$15,577,056 |
$5,723,841
$1,074,817 |
$8,778,398 |
| 30 |
$16,355,856 |
$6,011,997
$1,128,554 |
$9,215,305 |
|
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