Jackpot Analysis South Carolina Powerball

Jackpot Analysis for South Carolina Powerball
The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 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 Sat Nov 2, 2024
Draw DateSat Nov 2, 2024
Projected Jackpot$54,000,000
Cash Value$25,800,000

Lumpsum Option Taxes and Payment
Cash Gross Payment$25,800,000
Federal Tax(24%)$6,192,000
Additional Federal Tax$3,314,330
State Tax(6.9%)$1,780,200
Net Lumpsum Payment$14,513,470
Annuity Payment in 30 Installations
Yr Gross Payment Fed/State Taxes Net Payment
1 $812,754 $261,049
$56,080
$495,625
2 $853,416 $276,094
$58,886
$518,436
3 $896,076 $291,879
$61,829
$542,368
4 $940,896 $308,462
$64,922
$567,512
5 $987,930 $325,864
$68,167
$593,899
6 $1,037,340 $344,146
$71,576
$621,618
7 $1,089,180 $363,327
$75,153
$650,700
8 $1,143,666 $383,487
$78,913
$681,266
9 $1,200,852 $404,646
$82,859
$713,347
10 $1,260,900 $426,863
$87,002
$747,035
11 $1,323,918 $450,180
$91,350
$782,388
12 $1,390,122 $474,676
$95,918
$819,528
13 $1,459,620 $500,390
$100,714
$858,516
14 $1,532,628 $527,403
$105,751
$899,474
15 $1,609,254 $555,754
$111,039
$942,461
16 $1,689,714 $585,525
$116,590
$987,599
17 $1,774,170 $616,773
$122,418
$1,034,979
18 $1,862,892 $649,600
$128,540
$1,084,752
19 $1,956,042 $684,066
$134,967
$1,137,009
20 $2,053,836 $720,250
$141,715
$1,191,871
21 $2,156,544 $758,252
$148,802
$1,249,490
22 $2,264,382 $798,152
$156,242
$1,309,988
23 $2,377,566 $840,030
$164,052
$1,373,484
24 $2,496,474 $884,026
$172,257
$1,440,191
25 $2,621,268 $930,200
$180,867
$1,510,201
26 $2,752,380 $978,711
$189,914
$1,583,755
27 $2,889,972 $1,029,620
$199,408
$1,660,944
28 $3,034,476 $1,083,087
$209,379
$1,742,010
29 $3,186,216 $1,139,230
$219,849
$1,827,137
30 $3,345,516 $1,198,171
$230,841
$1,916,504